{"id":2688,"date":"2025-01-08T10:24:48","date_gmt":"2025-01-08T04:54:48","guid":{"rendered":"https:\/\/ceylontribune.com\/?p=2688"},"modified":"2025-01-08T10:25:29","modified_gmt":"2025-01-08T04:55:29","slug":"sri-lankan-insurers-to-tackle-profitability-pressure-with-key-shifts-fitch","status":"publish","type":"post","link":"https:\/\/ceylontribune.com\/?p=2688","title":{"rendered":"Sri Lankan insurers to tackle profitability pressure with key shifts &#8211; Fitch"},"content":{"rendered":"<p>Underwriting profitability for Sri Lankan non-life insurers will gradually improve as they enhance practices and shift focus to more profitable non-motor segments, Fitch Ratings says in a new report.<\/p>\n<p>This shift includes adjusting policy pricing, particularly for motor and medical insurance, to better cope with inflation and rising claim costs.<\/p>\n<p>Motor insurance profitability faces challenges due to regulatory changes requiring full premium remittance to the National Insurance Trust Fund Board.<\/p>\n<p>Non-life insurers have also been diversifying into non-motor segments such as health insurance due to prolonged import restrictions on motor vehicles.<\/p>\n<p>This diversification led to an 11% increase in non-motor gross premiums in 2023.<\/p>\n<p>Fitch believes that investment and liquidity risks have decreased following the upgrade of Sri Lanka\u2019s sovereign rating in December 2024.<\/p>\n<p>Meanwhile, the upcoming implementation of IFRS 17 in January 2026 is likely to enhance transparency and comparability in the insurance market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Underwriting profitability for Sri Lankan non-life insurers will gradually improve as they enhance practices and shift focus to more profitable non-motor segments, Fitch Ratings says&#8230;<\/p>\n","protected":false},"author":2,"featured_media":2690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":3,"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-2688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leadstories","category-local","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sri Lankan insurers to tackle profitability pressure with key shifts - Fitch - ceylontribune<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ceylontribune.com\/?p=2688\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Lankan insurers to tackle profitability pressure with key shifts - Fitch - ceylontribune\" \/>\n<meta property=\"og:description\" content=\"Underwriting profitability for Sri Lankan non-life insurers will gradually improve as they enhance practices and shift focus to more profitable non-motor segments, Fitch Ratings says&#8230;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ceylontribune.com\/?p=2688\" \/>\n<meta property=\"og:site_name\" content=\"ceylontribune\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-08T04:54:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-08T04:55:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ceylontribune.com\/wp-content\/uploads\/2025\/01\/fitch.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"746\" \/>\n\t<meta property=\"og:image:height\" content=\"437\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"SMW Kodithuwakku\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"SMW Kodithuwakku\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ceylontribune.com\\\/?p=2688#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ceylontribune.com\\\/?p=2688\"},\"author\":{\"name\":\"SMW Kodithuwakku\",\"@id\":\"https:\\\/\\\/ceylontribune.com\\\/#\\\/schema\\\/person\\\/43235a690a128bd153738d372a358d8a\"},\"headline\":\"Sri Lankan insurers to tackle profitability pressure with key shifts &#8211; 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