Shaping insurance to the contours of the local culture

The sale of the Sri Lanka Insurance Corporation to the private and locally-based Distilleries Co in 2003 almost completed the process of privatisation of Sri Lanka’s insurance sector

Life premiums in 2004 amounted to LKR12,517.6mn (US$ 123.7mn), up 17.9% over the previous year. There was little improvement in market penetration, however, which remains low by regional standards.