Navigating Sri Lanka's Booming Insurance Sector in 2026

Can you walk us through your background in the insurance industry? You've been in it for over 25 years, starting as a sales executive and now serving as CEO of Arpico Insurance PLC.

I started my career at the customer service representative level with Maliban Biscuits. Then I moved up through positions at Chevron Lubricants Sri Lanka, United Breweries Lanka, and International Distillers Lanka. In 1996, I began my CIM qualifications and incorporated into the market league in 1998. I joined a firm in 2000, left Chevron Lubricants Sri Lanka in 2002 with broad exposure, and then worked for a Singaporean lubricant company in the Maldives for three years. Married with a child, I wanted to return to Sri Lanka, so I applied for a sales manager role at Sri Lanka Insurance Corporation when I saw their newspaper ad. I got selected after interviews and joined in October 2004. The branch ranked around 37th out of 98, but I brought it to number 2 in the first year itself, that was my career turning point. After 4.5 years there, I joined AIG general Insurance in May 2008 as head of sales. When AIG planned to exit Sri Lanka, I moved to Union Assurance PLC in the same role for nearly five years. Then I became CEO of Assetline Insurance Brokers, a leading insurance broker, and was promoted to MD and board member within the first year, after staying five years, In 2020 I joined Allianz Life Insurance Lanka Ltd. as COO to boost their life arm, until their exit on December 31st due to the small market, they merged with a local company. Not fitting their culture, I joined Arpico Insurance PLC, a leading local conglomerate, as CEO from January 2026. That's my journey in a nutshell, with many ups and downs along the way.

You began in the FMCG sector in sales, how has that experience helped you in insurance, and what differences do you see in the approaches?

My early career was in cup brokering during the 1990s when opportunities in Sri Lanka were limited. I sat for university entrance in 1989 amid insurgency delays but joined a stockbroking company instead. University admission came, but corporate life inspired me more. I completed a chart in marketing via CIM, focusing on sales management as my domain. Working as a sales rep at Chevron Lubricants Sri Lanka covered the whole island, giving me insights into people and locations―even now, I know hometowns like Kalaganda or Candy, which helps manage sales teams. FMCG deals with tangible products: you get targets, visit shops, and push items onto shelves. Insurance is an intangible service marketing, you must make it tangible through pricing, promotion, physical evidence like office artifacts for stakeholders, employees, and customers. In FMCG, customers buy based on packaging without caring about production; in insurance, front-end customer service connects to back-end processes, making physical evidence and branding crucial. This FMCG sales foundation blended with service marketing skills created my success story in Sri Lanka.

At Union Assurance PLC, you made a huge impact from scratch―what tactics did you use in this competitive industry?

When I joined Union Assurance PLC to lead the general business agency, we started from zero with a strong supporting team from finance and sales, including regional and branch managers. We worked with enthusiasm and a clear picture. I always spot opportunities in data and aim high, even if tough. We grew from scratch to about 1,000 agents, with 880 out of 1,000 selling at least one policy monthly, now at 280 agents. It's one of Sri Lanka's top success stories in general insurance marketing. My CIM, MBA from PIM, industry knowledge, skills, & attitude helped me communicate, motivate, and lead effectively. That momentum continues today.

What leadership morals or principles guide you?

I'm a born leader shaped by competencies, without a single guru in my career but learning from many leaders, school functions, society, and PIM alumni, I became the alumni president in 2019-2020, running successful programs. Leadership isn't just on paper; it's through engagement, interactions, knowledge from reading and practice, experience, and wisdom. Common sense is key in situations outside the box diplomatically. I've built this through mentors outside the industry and activities like Leo clubs.

With AI and digital tools rising, how are you adapting in insurance?

In service marketing like insurance, customer reach is tough, over 90% of our business comes through 50,000 agents across 16 life companies for a small insurable population under 22 million. Agents handle prospecting, presentations, proposals, underwriting, and policies, but AI and IT speed it up. Companies use WhatsApp for inquiries; agents input data for system-generated e-quotations, including signatures. Underwriting goes via email or WhatsApp, medicals connect digitally to hospitals without postal delays, and we issue e-policies to save paper, only sending one physical document with customer details, covers, and commitments. Agency platforms track KPIs and MI via AI for data analytics, demographics, and market insights.

What are your thoughts on platforms like InsureMe.lk, which make insurance more convenient by comparing policies?

InsureMe.lk isn't an insurer but a successful broker platform, recently IPO-listed and planning CSE main board listing like PolicyBazaar in India. For car insurance, input details on their site, and get quotes from leading general insurers (e.g., 55,000 vs. 56,000 premium for a 50,000-value car with specific covers). They aggregate, recommend based on experience, handle processing, and boost awareness. Customers see benefits like third-party or comprehensive covers without visiting agents. It's the only broker with an IPO in Sri Lankan history and helps insurers grow the market.

Sri Lanka has regulatory and transparency issues, how do they affect the insurance industry, and how do you handle them?

The Insurance Regulatory Commission of Sri Lanka (IRCSL) serves the broader interests of the industry, policyholders, and all stakeholders. The regulatory framework is designed primarily to protect customers, ensuring continuity and stability even in scenarios where insurers exit the market. For instance, should an insurer such as AIG Insurance Sri Lanka or Allianz Life Insurance Lanka Ltd. choose to exit after a prolonged period without achieving leading market rankings, policyholder interests remain safeguarded through structured mechanisms such as local portfolio transfers or product mergers, with benefits preserved.

We remain fully compliant with capital adequacy and solvency margin requirements (CAR ratio) and are progressing towards IFRS 17 implementation by February 2027, which will ensure greater transparency and the use of real, economically meaningful business figures. In addition, we adhere strictly to data privacy requirements and are preparing for the upcoming credit information‒sharing framework applicable to both general and life insurance underwriting. While these regulatory developments present operational and financial challenges, they represent healthy disciplines for the industry and, when addressed proactively, can be transformed into sustainable growth opportunities.

Comparing Sri Lanka's insurance to foreign industries, what changes would you like to see?

Compared to many regional and global insurance markets, Sri Lanka remains behind in digitalization and data integration. Claims processing is still relatively slow and lacks transparency; customers are often unable to track claim intimation status online or seamlessly link bank accounts for faster settlements. Underwriting is another key gap. Insurers do not have access to reliable, centralized demographic and income data such as insurable populations by age, employment status, or income levels across the countryʼs approximately 22 million people. This limits risk assessment and product design. Additionally, market clarity is distorted due to the absence of per-person policy tracking. One individual may hold 20‒24 policies, while penetration metrics remain unclear. In contrast, many foreign markets operate with centralized insurance databases, allowing accurate measurement of per-capita coverage (for example, 70% of the population holding at least one policy), lapse ratios, and active policy counts. To bridge this gap, Sri Lanka needs stronger IT back-end infrastructure across claims, underwriting, and customer data management. Improved system integration and shared industry data within appropriate regulatory and data-privacy safeguards would enable faster service delivery, more accurate underwriting, better market insights, and ultimately higher customer trust and insurance penetration.

What advice do you have for the younger generation aiming for corporate roles?

Learning is never-ending; a degree is only the starting point. In insurance, professional and domain-specific qualifications such as CII or local insurance examinations are essential, and are best complemented by broader disciplines like marketing (CIM) or finance and accounting (CA). I began my career in sales, but pursued ACII with a strong underwriting focus, progressed to double ACII, and ultimately achieved fellowship. Alongside technical qualifications, technology and data literacy have become increasingly important in todayʼs insurance environment. Above all, I believe organizations should prioritize ability and integrity. In a small market like Sri Lanka, reputations good or bad travel quickly. Treat everyone with respect, extend support to both juniors and seniors, and be willing to mentor others. I have mentored many professionals who are now ahead of me in their careers, and that, to me, is one of the most rewarding outcomes of a professional life.

Trends show youth shifting from business management degrees to data science, process management, CIMA/CA how do you view this for new vacancies?

Itʼs a positive trend, but young professionals must recognize that you cannot be everything at once. Choosing a clear career path early and building depth in that domain is far more valuable than collecting multiple, loosely connected qualifications. Professional qualifications demonstrate discipline, standards, and consistency, and in structured organizations they remain important for career progression and promotion. Without recognized credentials, advancement can be challenging, particularly in smaller professional communities where benchmarks matter. However, qualifications alone are not enough application of knowledge and practical exposure ultimately differentiate high performers. I strongly believe in domain focus. For example, finance professionals should prioritize CA, CIMA rather than pursuing deep marketing qualifications, just as marketers should focus on their own professional tracks. At senior leadership levels, the MBA plays a valuable role by providing a broad understanding of economics, strategy, and marketing rather than technical specialization. Equally important is relationship-building and professional networks through alumni bodies such as PIM, or service organizations like Leo and Lions Clubs which often open doors that qualifications alone cannot. Early exposure in environments such as audit firms, professional societies, or process driven organizations also helps translate theory into real-world judgement. In short, for new vacancies, we value clarity of direction, depth in the chosen domain, credible qualifications, and the ability to apply learning effectively supported by strong professional relationships and ethical conduct.