It may be worth while taking a look at some of the reasons for this so that we could identify future trends.
All insurance companies requires to be LISTED on the CSE
All insurance business is to be segregated between LIFE and GENERAL
Insurance companies have no restriction on foreign ownership unlike Banks
Sri Lanka is under Insuranced. I guess it's around 15%
Insurance risk of Sri Lanka greatly reduced after the end of the civil war.
Please share your views.