Few insurance companies have qualified insurers at the helm, it said. There is also a dearth in actuaries.
The rating agency noted that actuaries are vital in determining reserving requirements, product pricing and bonuses.
RAM Ratings also said lack of public awareness of insurance and poor penetration rates is also a problem for growth.
The insurance industry is poised for growth, in line with the improving macroeconomic recovery prospects, the report said.
Sri Lanka’s ethnic war ended in May 2009 with the defeat by government forces of Tamil Tiger separatists.
However, lack of awareness on insurance products remains a major stumbling block for expansion, RAM Ratings said.
Although the insurance regulator and insurance companies are trying to promote knowledge of insurance, more