Insurance sector receives 24,757 Ditwa claims worth Rs. 56 bn: IRCSL

The insurance sector had recorded 24,757 Ditwah disaster-related claims, with an estimated total value of around Rs. 56 billion as of May 25, 2026, according to the Insurance Regulatory Commission of Sri Lanka (IRCSL).

Of these, 79% of motor insurance claims have already been settled, while 44% of non-motor claims have been completed, the regulator said.

The IRCSL attributed the slower settlement of non-motor claims to their complexity, which typically requires detailed loss assessments, property inspections, valuation processes, and the submission of supporting documentation prior to final settlement.

In the life insurance sector, claims recorded more than a twofold increase, rising from Rs. 45,970 million in 2021 to Rs. 104,703 million in 2025. This represents a significant growth of 127.8% over five years, reflecting increased reliance on life insurance products and a corresponding rise in policyholder benefit payments.

Claims incurred in the general insurance sector also showed a steady upward trend during the period. Beginning at Rs. 48,276 million in 2021, claims rose to Rs. 61,407 million in 2022, followed by Rs. 62,262 million in 2023.

The upward trajectory continued at a more moderate pace in 2024 before accelerating again in 2025, when claims reached Rs. 62,745 million and Rs. 68,773 million, respectively.

Overall, total insurance claims increased by approximately 84.07%, rising from Rs. 94,246 million in 2021 to Rs. 173,476 million in 2025.

(The chart presents an analysis of claims incurred by insurance companies in Sri Lanka from 2021 to 2025.)