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Insurance Industry records growth of 17% in 1Q 2017

The insurance industry recorded a growth of 17.10%, in terms of Gross Written Premium (GWP), during the first quarter of year 2017 when compared to the same period in the year 2016.

 

The GWP for Long Term Insurance and General Insurance Businesses for the first quarter ending 31st March 2017 was Rs. 38,987 million compared to the first quarter of 2016 amounting to Rs. 33,293 million. The GWP of Long Term Insurance Business amounted to Rs. 16,490 million (Q1, 2016: Rs. 14,729 million) while the GWP of General Insurance Business amounted to Rs. 22,498 million (Q1, 2016: Rs. 18,564 million) during the first quarter of 2017. Thus, Long Term Insurance Business and General Insurance Business witnessed a GWP growth of 11.95% and 21.19% respectively when compared to the corresponding period of year 2016.

 

Total Assets of insurance companies have increased to Rs. 509,971 million as at 31st March 2017, when compared to Rs. 457,695 million recorded as at 31st March 2016, reflecting a growth of 11.42%. The assets of Long Term Insurance Business amounted to Rs. 354,390 million (Q1, 2016: Rs. 307,578 million) indicating a growth rate of 15.22% year-on-year. The assets of General Insurance Business amounted to Rs. 155,581 million (Q1, 2016: Rs. 150,117 million) depicting a growth rate of 3.64%, at the end of first three months of 2017.

 

At the end of first quarter of 2017, investment in Government Debt Securities amounted to Rs. 166,740 million representing 47.05% (Q1, 2016: Rs. 128,971; 41.93%) of the total assets of Long Term Insurance Business, while such investment of the total assets of General Insurance Business amounted to Rs. 30,146 million representing 19.38% (Q1, 2016: Rs. 29,034; 19.34%). Accordingly, the total investment of both Long Term Insurance Business and General Insurance Business in Government Debt Securities amounted to Rs. 196,885 million (Q1, 2016: Rs. 158,005 million) as at 31st March 2017. The investment in Government Debt Securities for both Long Term Insurance Business and General Insurance Business has increased by 29.28% and 3.83% respectively.

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