Sri Lanka, April 22 -- A comprehensive seven-pillar strategy to double insurance penetration by 2030 and triple it by 2035 was launched by the Insurance Regulatory Commission of Sri Lanka.

The Insurance Industry Roadmap 2030-2035, introduced yesterday in Colombo, targets an aggressive 14% annual growth rate to drive sector premium income above Rs. 700 billion by 2030. This initiative addresses the current domestic market, where total premiums reached Rs. 380 billion in 2025, yet penetration remains just above 1% of GDP. Despite low penetration, the sector manages Rs. 1.4 trillion in assets and pays out roughly Rs. 172 billion in annual claims.

Insurance Regulatory Commission Director General Damayanthi Fernando described this protection...