### 📈 IRCSL Unveils Roadmap to Triple Insurance Penetration by 2035

The Insurance Regulatory Commission of Sri Lanka (IRCSL) marked its 25th anniversary by announcing a strategic growth plan to double insurance penetration by 2030 and triple it by 2035. The sector is positioned as a critical pillar for national financial stability and risk protection. • Current Market Standing (as of Q3 2025): Gross Written Premium (GWP): Rs. 283.6 Bn (+19.48% YoY). Total Sector Assets: Rs. 1.35 Trillion. Current Penetration: ~0.5% of GDP for general insurance and ~0.6% for life insurance. Industry Players: 29 insurers (15 life, 14 general) and 82 broking companies. • Digital & Regulatory Transformation: Digital Motor Insurance Card: Launched in collaboration with the Public Security Ministry to automate verification. Centralised Data Repository: A new real-time system to enhance oversight and curb insurance fraud. Mortality Table: Introduction of a localized standard mortality table to refine life insurance pricing and risk management. • Structural Reforms & Literacy: Transitioned to a Risk-Based Capital (RBC) model to ensure long-term solvency. New specialized units established for Market Intermediary Licensing and Market Conduct. Focus on financial literacy through nationwide programs and the "InsureChamp 2025" initiative to bridge the protection gap. • Future Outlook: Sri Lanka will host the OECD/ADB Institute Roundtable in June 2026, focusing on retirement savings and natural hazard protection, addressing key demographic and climate risks.