What is the landscape for mutual microinsurance in Sri Lanka?
Since the end of Sri Lanka’s civil war in 2009, the country’s economy has begun to stabilise, and Sri Lanka has witnessed a sharp decrease in poverty in recent years. However, the poor in Sri Lanka are still vulnerable to different shocks and in need of a safety net. With just over 1% of the total population in Sri Lanka covered by insurance, penetration appears to be particularly low, especially so in rural areas and in comparison to other South Asian countries.
Where are we now?
ICMIF has partnered with local ICMIF members Amana Takaful Ltd, Co-operative Insurance Company Ltd (CICL), COOPLIFE Insurance and Sanasa Insurance Company Ltd (SICL) for the country diagnostic stage. The diagnostic study was conducted by the Institute of Policy Studies in Sri Lanka and published in 2018. This in-depth research aims to understand the current context of mutual and cooperative microinsurance providers in Sri Lanka.