Long Term Insurance business means insurance business of any or substantially any one of the following classes:
(a) life assurance business;
(b) pension business; or
(c) permanent health insurance business.
Investment income in the long term insurance fund registered a 23% increase during 2002 and stood at Rs 1.9 billion which represents 52% of gross premiums. The growth in investment income in 2002 was the highest since 1998. Given the long term nature of the life insurance business, income arising from the investment of funds in this sector plays an important role. fire, motor, personal accident, transport and miscellaneous. Although motor insurance is the largest class of general insurance, accounting for 41% of the total non-life gross premiums in 2002, its share decreased in 2002. Fire and miscellaneous insurance classes are also relatively large accounting for 22% and 20% respectively of the total non-life gross premiums.