The insurance sector in Sri Lanka has shown resilience and steady growth, particularly in the post-economic crisis era following 2022. As of 2025, the market is valued at approximately USD 1.2 billion in gross written premiums (GWP), projected to reach USD 2.37 billion by 2030 with a compound annual growth rate (CAGR) of 14.58%. This expansion is fueled by economic recovery, with GDP growth around 5% in 2024, declining inflation, and increased household disposable income boosting demand for protection products. Rising healthcare costs—where private treatments can be 2.61 times more expensive than public options—have heightened the need for medical coverage. Additionally, digital adoption, supported by over 150% mobile penetration, has revolutionized distribution channels, especially in rural areas.
The industry is regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL), which oversees 27 licensed insurers as of 2024: 13 life insurers, 12 general (non-life) insurers, and 2 composites. Life insurance holds a dominant 58.7% market share by product type, while non-life (including motor, health, and property) accounts for the rest. The Western Province generates about 65.2% of premium income, but northern and eastern regions are growing fastest due to micro-insurance uptake. Regulatory reforms, such as relaxed bancassurance rules and state-bank expansions, have lowered costs and improved access, though intense competition led to an 8.31% profit contraction in 2024 despite a 16.5% rise in premium volume.
“Top” and “popular” companies are determined by metrics like market share (based on GWP), customer satisfaction (from surveys and awards), growth rates, and brand recognition. Market concentration is moderate, with the top five players holding the majority share. Popularity often correlates with trust, digital innovation, and claims efficiency, as seen in social media discussions and industry awards. Below, I detail the most prominent companies, ranked loosely by market share and prominence in 2024-2025 data.
Top Insurance Companies in Sri Lanka
1. Sri Lanka Insurance Corporation (SLIC)
SLIC, established in 1962 as a state-owned entity, is the undisputed market leader and the largest insurer in Sri Lanka. It operates in both life and general segments, offering products like life protection, motor, health, property, and travel insurance. In 2024, SLIC held about 16.45% of the overall market share, with its general arm commanding 18% in non-life at end-2023. The company is undergoing privatization, with bids received for its life and general units in early 2024. SLIC’s popularity stems from its heritage as a national guardian, insuring major assets like expressways and the national airline fleet. It boasts high customer trust, with over 60 years of service and strong claims settlement stats. In 2025, it was highlighted for blending tradition with modern relevance in life insurance. Customer satisfaction is bolstered by its extensive network and government backing, though some criticize slower digital adoption compared to private peers.
2. Ceylinco Insurance PLC
Ceylinco, founded in 1939, is a pioneer in Sri Lanka’s insurance landscape and leads the life segment with a 22% market share in GWP. It provides comprehensive life, health, motor, fire, and marine insurance. Known for innovation, Ceylinco has invested in digital platforms and micro-insurance for underserved communities. Its popularity is evident in high customer loyalty, driven by quick claims processing and community initiatives. In customer satisfaction surveys, it ranks highly for reliability. The company reported steady growth in 2024, benefiting from economic rebound. As one of the most trusted brands, Ceylinco’s brand value has grown amid rising awareness of long-term protection needs.
3. AIA Insurance Lanka PLC
A subsidiary of the global AIA Group, AIA entered Sri Lanka in 1987 and focuses primarily on life insurance, holding about 15.86% market share in that segment. Products include term life, health, investment-linked plans, and retirement solutions. AIA’s popularity surges from its customer-centric approach, digital tools, and strong financial backing. It was awarded “Best Life Insurance Company in Sri Lanka” for the sixth consecutive year in 2025 by Capital Finance International and Global Banking & Finance Review. Social media buzz highlights its focus on women’s insurance and digital propositions. Customer satisfaction is high, with emphasis on personalized advice and efficient claims—key in a market where health costs are rising.
4. Allianz Insurance Lanka Ltd
Allianz, a German multinational’s local arm since 2004, operates in both life and general insurance, with products spanning motor, health, property, and liability. It holds a notable share in non-life, leveraging global expertise for risk management. Popularity comes from innovative offerings like digital claims apps and sustainability-focused policies. In 2025, Softlogic Life acquired Allianz’s life operations, marking industry consolidation. Allianz ranks well in customer satisfaction for its quick settlements and international standards. Its brand strength is evident in awards and growing market penetration.
5. Janashakthi Insurance PLC
Re-emerging as a standalone life insurer in 2020, Janashakthi has become Sri Lanka’s fastest-growing brand, with 61% new business growth and 70% profit surge in Q2 2025. It offers life, health, and investment products, focusing on underserved segments. GWP reached LKR 3,769 million in H1 2025, up 27% year-on-year. Popularity is driven by agile strategies, product innovation, and customer engagement, as noted in media partnerships. Customer satisfaction shines through high claims payouts (LKR 1,589 million in H1 2025) and digital focus.
Comparison of Key Metrics
| Company | Market Share (Approx., 2024) | Key Products | Awards/Recognition (2025) | Growth Highlights |
|---|---|---|---|---|
| SLIC | 16-18% overall | Life, motor, health, property | National trust leader | Privatization bids; stable growth |
| Ceylinco Insurance | 22% in life | Life, health, motor | High customer loyalty | Digital micro-insurance expansion |
| AIA Insurance | 16% in life | Life, health, retirement | Best Life Insurer (6th year) | Women’s insurance focus |
| Allianz Insurance | Notable in non-life | General, life (pre-acquisition) | Global standards awards | Acquired by Softlogic in life |
| Janashakthi Insurance | Growing (fastest) | Life, health | Fastest-growing brand | 61% new business growth in Q2 |
Other notable players include Softlogic Life (trusted by 1.3 million Sri Lankans, with brand value up 50% since 2023), People’s Insurance (Best General Insurer 2025, back-to-back wins), Fairfirst Insurance (Most Loved General Brand, Best Travel Insurer), Union Assurance (Best Digital Life Insurer 2024), and Continental Insurance (9% share, digital roadmap focus).
Challenges and Future Outlook
Despite growth, challenges include competitive pricing, regulatory changes (e.g., motor insurance directives), and claims opacity, with calls for better redressal. Popularity will hinge on digital transformation and customer trust. Health and SME segments are poised for 8-9% CAGR, with overall market expansion benefiting top players. For personalized advice, consult IRCSL data or financial advisors.