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As Sri Lanka’s population ages, the insurance market booms

As Sri Lanka experiences demographic shifts – by 2021, 16.7% of the population could be aged 60 or above – the life insurance market is booming.

The nation’s average economic growth stands at a brisk 6.2% since the end of the bitter civil war in 2009, with services and manufacturing leading the way.

As Sri Lankans live longer, demand is surging for insurance products such as endowment and pension policies, with retirement planning taking a front seat.

Will insurance continue to be one of Sri Lanka’s sunrise industries?

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Nidhi Singh
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (91) 124 646 5499
E-mail: nidhi.singh@spireresearch.com

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