Asia Pacific Perspectives: Propelling the Actuarial Landscape in Sri Lanka

In the next edition of our series Asia Pacific Perspectives, we speak to Kasun Amarasuriya, current President of the Actuarial Association of Sri Lanka, who shares insights into the unique opportunities and challenges facing actuaries in Sri Lanka's emerging market.

Established in 2008 by eight founding members, the Actuarial Association of Sri Lanka (AASL) is the representative body for the profession in Sri Lanka and was upgraded to a Full Member Association of the International Actuarial Association in 2018.

For the past three years, I have had the privilege of serving on the Council of the Association, and this year, I have the additional honour of serving as President.

So, what's the AASL like?

Much like the Actuaries Institute and similar bodies around the world, the AASL aims to represent, educate and connect the actuarial community in Sri Lanka. With a much smaller member base than Australia, AASL is more reliant on the generosity of the members to volunteer their time.

The AASL is made up of 8 Council Members and, a total of 26 Fellows and another 150 members who are working through their exams.

Over the past few years, members have volunteered to organise the biennial South Asian Actuarial Conference (the latest iteration to be held from 18 - 20 June 2025), industry knowledge-sharing sessions on topics ranging from IFRS-17 to risk management, and working on drafting white papers on topics that affect the insurance industry.

More recently, AASL has embarked on developing the framework for carrying out mortality studies in both insured lives and population, which will be used within the life insurance industry.

As with most Asian markets, the insurance market in Sri Lanka tends to focus on the life insurance space, where a majority of our members work. While some members work in general insurance, retirement incomes and data analytics, there is very little activity in the banking and capital markets sectors.

The market itself remains relatively small. In 2023, the gross written premium was LKR286.7 billion, with the insurance sector contributing 0.8% to GDP and penetration rates remaining below 2%. Working in a small market offers many opportunities and challenges in equal parts.

Opportunities include making your mark on the industry and growing the actuarial profession, but challenges lie in building from the ground up and having few experienced professionals to look to for assistance and guidance.