Sri Lanka is moving decisively towards modernising its insurance sector, with the government spearheading the development of a national insurance information system, according to Dr Ajith Ravindra de Mel, Chairman of the Insurance Regulatory Commission of Sri Lanka.
Speaking at a media briefing in Colombo, Dr de Mel provided an update on initiatives launched over the past year and outlined the Commission’s strategic plans for the future, as reported by Sri Lanka’s ITN News.
A central feature of the modernisation drive is the introduction of a digital motor insurance card for vehicle owners. This initiative is designed to simplify verification, reduce paperwork, and enhance transparency in insurance processes. Once implemented, vehicle owners will be able to access their insurance information digitally, enabling seamless compliance checks and streamlining interactions with insurance providers and regulatory authorities.
Dr de Mel also highlighted that Sri Lanka currently hosts 29 registered insurance companies, covering both life and non-life sectors. He underscored that a series of regulatory measures have been implemented to ensure these companies operate efficiently, transparently, and in line with international best practices.
| Category | Number of Companies |
|---|---|
| Total Registered Insurance Companies | 29 |
| Life Insurance Providers | 12 |
| Non-Life Insurance Providers | 17 |
| Digital Motor Insurance Pilot | Ongoing |
The national initiative has garnered strong support from the highest levels of government. President Anura Kumara Dissanayake stated that the administration is committed to building Sri Lanka’s economy through advancements in science and technology. He called on the business community to collaborate actively, capitalising on these new technological opportunities to strengthen the national economy.
President Dissanayake emphasised that the government is prepared to provide all necessary support for the successful implementation of these programmes. He noted that the administration is determined to reclaim economic opportunities that were previously lost as a result of the country lagging behind in keeping pace with global technological and economic developments.
The digital insurance initiative is expected to create multiple benefits, including enhanced consumer convenience, improved regulatory oversight, and a more resilient insurance sector capable of meeting the demands of a 21st-century economy. By integrating digital solutions into the insurance ecosystem, Sri Lanka aims to align its financial services sector with global standards, ensuring sustainable growth and fostering public confidence in the nation’s insurance infrastructure.
As the digital motor insurance programme progresses, officials anticipate that widespread adoption will pave the way for a fully integrated, technology-driven national insurance database, enabling real-time monitoring of insurance coverage and improved policyholder services across the country.