Insurance Regulatory Commission of Sri Lanka (IRCSL) provides the license and oversees insurance companies in Sri Lanka. Insurance Industry Regularization (Amendment) Act No. 3 of 2011, along with other ongoing public sector reforms, mandates to operate life and non-life business separately. This means that life insurance companies can’t run general insurance business and vice versa. This has now been the trend in most of the countries, citing its benefits. Moreover, there are Takaful insurance companies as well to serve just below 10% marginalized muslim population of Sri Lanka. In this article, we will explore the insurance companies in Sri Lanka in segregated manner including Takaful insurance companies based on life or non-life business they do.
Contents:
- Life Insurance Companies in Sri Lanka
- General Insurance Companies in Sri Lanka
- Composite Insurance Companies in Sri Lanka
Life Insurance Companies in Sri Lanka
Below is the list of life insurance companies in Sri Lanka as of the beginning of year 2024. This list includes Takaful Life Insurance companies as well. Life Insurance services includes but not limited to whole life, term life, endowment, unit-linked, etc.
- AIA Insurance Lanka Ltd
- Type: Long Term Insurance
- Establishment Date: December 16, 1987
- Website: aialife.com.lk
- Allianz Life Insurance Lanka Ltd
- Type: Long Term Insurance
- Establishment Date: July 1, 2008
- Website: allianz.lk
- Amana Takaful Life PLC
- Type: Long Term Insurance
- Establishment Date: January 1, 2015
- Website: takaful.lk
- Arpico Insurance PLC
- Type: Long Term Insurance
- Establishment Date: October 20, 2011
- Website: arpicoinsurance.com
- Ceylinco Life Insurance Limited
- Type: Long Term Insurance
- Establishment Date: June 1, 2005
- Website: ceylincolife.com
- Continental Insurance Life Lanka Ltd
- Type: Long Term Insurance
- Establishment Date: July 29, 2022
- Website: cilankalife.com
- Cooplife Insurance Limited
- Type: Long Term Insurance
- Establishment Date: January 1, 2015
- Website: cooplife.lk
- HNB Assurance PLC
- Type: Long Term Insurance
- Establishment Date: August 30, 2001
- Website: hnbassurance.com
- Janashakthi Insurance PLC
- Type: Long Term Insurance
- Establishment Date: August 12, 1994
- Website: janashakthi.com
- Life Insurance Corporation (Lanka) Ltd.
- Type: Long Term Insurance
- Establishment Date: December 18, 2002
- Website: liclanka.com
- LOLC Life Assurance Limited
- Type: Long Term Insurance
- Establishment Date: April 30, 2010
- Website: lolclife.com
- Sanasa Life Insurance Company PLC
- Type: Long Term Insurance
- Establishment Date: July 8, 2003
- Website: sicl.lk
- Softlogic Life Insurance PLC
- Type: Long Term Insurance
- Establishment Date: March 8, 2000
- Website: softlogiclife.lk
- Union Assurance PLC
- Type: Long Term Insurance
- Establishment Date: January 8, 1987
- Website: unionassurance.com
General Insurance Companies in Nepal
Below is the list of general (non-life) insurance companies in Sri Lanka as of the beginning of year 2024. This list includes Takaful Companies as well. General Insurance services includes but not limited to motor, property, health & medical, travel, etc.
- Allianz Insurance Lanka Ltd
- Type: General Insurance
- Establishment Date: January 1, 2015
- Website: allianz.lk
- Amana Takaful PLC
- Type: General Insurance
- Establishment Date: February 1, 2002
- Website: takaful.lk
- Ceylinco General Insurance Limited
- Type: General Insurance
- Establishment Date: June 1, 2015
- Website: ceylinco-insurance.com
- Continental Insurance Lanka Ltd
- Type: General Insurance
- Establishment Date: December 18, 2009
- Website: cilanka.com
- Cooperative Insurance Company PLC
- Type: General Insurance
- Establishment Date: September 18, 1998
- Website: ci.lk
- Fairfirst Insurance Limited
- Type: General Insurance
- Establishment Date: January 1, 2015
- Website: fairfirst.lk
- HNB General Insurance Ltd
- Type: General Insurance
- Establishment Date: January 1, 2015
- Website: hnbgeneral.com
- LOLC General Insurance PLC
- Type: General Insurance
- Establishment Date: October 1, 2015
- Website: lolcgeneral.com
- MBSL Insurance Company Limited
- Type: Long Term Insurance (April 1, 2005)
- Type: General Insurance (August 2, 2005)
- Note: MBSL Insurance Company Ltd. has stopped offering new life insurance policies starting from June 1, 2020.
- Website: mbslinsurance.lk
- National Insurance Trust Fund
- Type: General Insurance (Came under the purview of the Commission)
- Establishment Date: February 7, 2011
- Website: nitf.lk
- Orient Insurance Limited
- Type: General Insurance
- Establishment Date: October 15, 2011
- Website: orientinsurance.lk
- People’s Insurance PLC
- Type: General Insurance
- Establishment Date: December 2, 2009
- Website: peoplesinsurance.lk
- Sanasa General Insurance Company Limited
- Type: General Insurance
- Establishment Date: July 1, 2019
- Website: sgic.lk
Composite Insurance Companies in Sri Lanka
Below is the list of only composite insurance company in Sri Lanka as of the beginning of year 2024. However, it is also in the process of splitting into separate life and non-life entities.
- Sri Lanka Insurance Corporation Ltd
- Type: General and Long Term Insurance
- Establishment Date: February 3, 1993
- Website: srilankainsurance.com
Hope you liked our list of insurance companies in Sri Lanka. We have tried our best to collect the information from authentic sources. However, we don’t guarantee the accuracy of information provided here. If you own or manage a insurance company in Sri Lanka and have some suggestion to enrich this list, please feel free to write us.