Skip to main content
ABOUT  |  CONTACT  |  HELP

The Landscape of Microinsurance in Sri Lanka

Basix Consulting
Co-published by Microinsurance Network and Munich Re Foundation
November 8, 2016

This report provides an analysis of the microinsurance sector in Sri Lanka with related data to the years 2013-2015. Microinsurance in Sri Lanka initially started as a service to support the microfinance sector, focusing on providing loan protection, insurance and life savings. The insurance business extended their services to provide welfare and health products to low-income people. With almost 24% of the population living on less than USD 2 a day (World Bank Statistics, 2015), it was found that health is the largest risk faced by poor households, followed by property risk, which came as a consequence of the tsunami that hit the country in 2004. Microinsurance policies issued (1.46 million) reached 6.9% of the total population in 2015. There are also a number of social security services in the country, including those provided by the government and the informal sector. The majority of these are however fragmented and provide inadequate benefits.

Share this
Comments (0)