The insurance industry achieved a growth of 9.19% (Q3, 2018: 13.14%) in terms of overall Gross Written Premium (GWP), during the 3rd Quarter of 2019, recording an increase of Rs. 12,268 million when compared to the same period in the year 2018.
The total GWP for the period was Rs. 145,788 million compared to Rs. 133,520 million recorded in 2018.
The GWP of Long Term Insurance Business amounted to Rs. 63,913 million (Q3, 2018:Rs. 58,168 million) recording a growth of 9.88% (Q3, 2018:12.09%). The GWP of General Insurance Business amounted to Rs. 81,875 million (Q3, 2018: Rs. 75,352million) recording a growth of 8.66% (Q3, 2018: 13.96%).
The value of total assets of insurance companies has increased to Rs. 690,861million as at 30th September2019, when compared to Rs. 602,453 million recorded as at end of 30th September 2018, reflecting a growth of 14.67% (Q3, 2018: 9.86%).
The assets of Long Term Insurance Business amounted to Rs. 480,332 million (Q3, 2018:Rs. 418,020 million) indicating a growth rate of 14.91% year-on-year. Thus, growth of assets of long term insurance business has significantly increased compared to 7.89% growth recorded during3rd quarter of 2018.The assets of General Insurance Business amounted to Rs. 210,529 million (Q3, 2018: Rs. 184,433 million) depicting a growth rate of 14.15%(Q3, 2018: 14.63%) at the end of 3rd quarter 2019.
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