Opening session speakers at the Sri Lanka International Insurance Summit in Colombo yesterday emphasised on the tremendous opportunities being created in Sri Lanka for insurance industry stakeholders and called for a collaborative approach in building a strong and resilient insurance sector.
The biennial summit with the theme ‘Insurance as a catalyst for economic confidence in a complex risk landscape,’ highlighted the role of collaboration, knowledge sharing, and the need to strengthen the insurance industry through digital transformation.
In his keynote address, Chief Advisor to the President of Sri Lanka on Digital Economy Dr Hans Wijayasuriya said that the insurance industry plays a critical role in economic growth.
“The insurance industry comes in to mitigate, if not eliminate, the certainty deficit and thereby replace uncertainty with stability and confidence. It plays a very pivotal role in the functioning of a national economy which aspires to grow faster than it is today,” he said.
He highlighted how the Sri Lankan government is moving towards digital economy, in which the insurance industry too will have a great role to play. He called the insurance industry as infrastructure that can connect across other sectors as it generates considerable data. “They generate more data, which provides raw material for use by AI and for industries to become more productive,” he said.
Earlier in his welcome address Insurance Association of Sri Lanka (IASL) President Mr Lasitha Wimalaratne said that though the insurance industry faced many challenges it recorded remarkable growth over the last few years.
“There is huge potential for us to double or triple this industry in no time and so we are in the process of developing a roadmap for which the medium- and long-term goal is to double the size of this industry by 2030 and triple it by 2035,” he said.
In order to fulfil this roadmap, the IASL has initiated discussions with various stakeholders in the market on areas like product development, channel development, digitalisation, tax and the new accounting standard, regulatory compliances, and ESG governance.
Insurance Regulatory Commission of Sri Lanka (IRCSL) Director General Mrs Damayanthi Fernando said that as the IRCSL celebrates its Silver Jubilee this year, it gives them an opportunity not only to look back with pride, but also to look ahead with renewed ambition about the industry that they regulate.
“Over the years, the industry has experienced its share of challenges and also opportunities and faced its ups and downs as all industries do, yet what has remained constant is its resilience, its capacity to adapt, and its determination to move forward, to raise its bar, align itself with international standards and, most importantly, to fulfil its fundamental purpose to provide meaningful financial protection and greater security to our citizens,” she said.
Ms Fernando further mentioned that the future of success of Sri Lanka’s insurance industry will depend on its ability to innovate responsibly, protect policyholders and to maintain public confidence and trust. “The regulator, insurers, market intermediaries, reinsurance technology providers, policy makers and international partners each have an important role to play in developing a resilient insurance ecosystem,” she emphasised.
IRCSL Chairman Dr Ajith Raveendra De Mel said that there is growing recognition that insurance has a vital role to play in strengthening confidence, resilience and sustainable development. “Insurance has moved beyond its traditional role of providing financial compensation and is a critical pillar of economic stability. A strong insurance sector therefore contributes not only to financial security but also to investment, confidence, entrepreneurship, economic growth and national resilience,” he said.
Mr De Mel called on the Sri Lankan insurance sector to look at a long term vision that goes beyond short term growth targets and focuses on building a sustainable. Inclusive and to become a globally competitive industry. To achieve this goal, theIRCSL, together with the IASL and other industry stakeholders, are working towards the development of Insurance Vision 2030 and 2035. This strategic roadmap represents a collective commitment to transform the insurance sector and strengthen its contribution to national economic development.
The Sri Lanka International Insurance Summit, is organised by the IASL, and is being held in Colombo, Sri Lanka, from 10 – 12 August 2026.
