30.11.2012 - Takaful: A new and viable insurance segment in Sri Lanka
Sri Lankan Takaful insurance industry is exhibiting a tremendous growth potential. With the entry of various banks as Sri Lanka’s first fully fledged Islamic Bank & two commercial banks in 2011, the industry is showing a promising market for Takaful insurance, as most of the need for General insurance still stems from the banking and finance industry. At present, Amana Takaful is Sri Lanka’s only takaful insurer. On the back of more and more acceptance among the consumers coupled with rapid economic growth and sizable underinsured population, takaful insurance market is anticipated to attain a significant growth in future. Insurance Industry in Sri Lanka is dominated by general insurance segment that witnessed 23% growth in its gross written premium in 2011, compared to the previous year. The industry is expected to grow at a significant rate in the coming years with gross written premium (GWP) growing at a CAGR of around 21% during 2012-2015. (Press Release)