The Ministry of Finance, Planning and Economic Development has officially launched a strategic roadmap for the development of Sri Lanka’s insurance industry, NewsFirst reported on Friday.
The Ministry said the roadmap is designed to serve as a strategic framework guiding the future growth and development of the country’s insurance sector.
Several priority areas, including sector modernisation and structural improvements, have been identified and planned under the initiative, the Ministry said. Specific implementation timelines, penetration targets and regulatory milestones were not disclosed at the launch.
Sri Lanka’s insurance market has long been considered under-penetrated relative to South Asian peers, with general and life insurance combined accounting for a small share of GDP. Industry stakeholders have repeatedly called for clearer policy direction on micro-insurance, digital distribution and reinsurance access.
The launch comes alongside parallel near-term reforms to the motor insurance segment. The Insurance Regulatory Commission of Sri Lanka has confirmed a shift to a cash-before-cover model from May 1 and the introduction of a digital motor insurance card on the same date — both measures aimed at curbing premium leakage and improving consumer protection.
The roadmap is expected to bring those tactical reforms into a broader strategic envelope covering the wider industry, though the full document has not yet been released for public consultation.
