Sri Lanka Insurance Sector Urged to Improve Public Reach and Awareness
Expanding access to insurance across Sri Lanka could play a vital role in boosting the nation’s economic growth, according to Deputy Minister of Finance and Planning Harshana Suriyapperuma. The minister emphasized that a more inclusive Sri Lanka insurance sector would significantly contribute to the country’s gross domestic product (GDP) if more citizens and businesses are brought into the fold.
Speaking at a high-level discussion with insurance industry leaders, the minister stressed the importance of accurate sales promotion and public education to increase awareness and trust in insurance services.
“By bringing the insurance sector closer to the people and business community, and by educating beneficiaries and potential policyholders with clear and reliable information, we can unlock new economic potential and strengthen the Sri Lanka insurance sector’s contribution to GDP,” said Suriyapperuma in a statement released by the Ministry.
The meeting focused on assessing the sector’s current needs, outlining future plans, and evaluating the role of government support in insurance market development.
Key industry stakeholders were present, including W.A.R. de Mel, Chairman of the Insurance Regulatory Commission, Damayanthi Fernando, Director General, Lasitha Wimalaratne, President of the Sri Lanka Insurance Association, J.M. Nias, General Secretary, along with other senior representatives from leading insurance companies.
The discussion highlighted the need for innovation, digital transformation, and community outreach to ensure wider insurance penetration, especially in underserved regions.