📈 Sri Lankan Insurance Sector Shows Resilience with 24.5% GWP Growth in 1Q 2026

The Insurance Regulatory Commission of Sri Lanka (IRCSL) reported steady growth for the first quarter of 2026, demonstrating sector resilience despite macroeconomic challenges and the late-2025 impact of Cyclone Ditwah. • Overall Performance & GWP: Total Gross Written Premium (GWP) increased by 24.54% Year-on-Year (YoY) to Rs. 114,863 million (up from Rs. 92,229 million in 1Q 2025). Total industry assets grew 16.65% YoY to Rs. 1,478,777 million. • Sector Breakdowns: - Long-Term (Life) Insurance: GWP rose 25.13% YoY to Rs. 63,888 million. Total assets grew 14.02% to Rs. 1,088,527 million, maintaining the largest share of industry assets. - General Insurance: GWP grew 23.81% YoY to Rs. 50,975 million, while total assets expanded significantly by 25.90% to Rs. 378,340 million. - Reinsurance: Total assets contractually decreased by 4.45% YoY to Rs. 11,910 million. • Claims & Profitability: - Total claims incurred rose 19.88% YoY to Rs. 45,977 million (Life claims up 21.03% to Rs. 28,051 million; General claims up 18.13% to Rs. 17,926 million, heavily driven by Cyclone Ditwah settlements). - Total Profit Before Tax (PBT) edged up 3.14% YoY to Rs. 9,978 million. General Insurance PBT jumped 28.13% to Rs. 7,215 million, contrasting a 11.51% drop in Life Insurance PBT to Rs. 4,390 million. • Government Debt Investments: Total investments in secure Government debt securities grew 9.45% YoY to Rs. 668,786 million. This was led by the Life Insurance sector, which held Rs. 556,766 million (56.25% of its total portfolio), while General Insurance held Rs. 112,020 million (53.52% of its total portfolio).