The insurance industry in Sri Lanka, as is the case with other economic sectors in the country, is poised to benefit from the ongoing economic recovery, Dr P Nandalal Weerasinghe, the governor of the Central Bank of Sri Lanka, has said.
The gross premiums of Sri Lanka-based National Insurance Trust Fund Board's (NITF) are expected to surge this year due to a recent directive requiring primary insurers to remit 100% of motor strikes, riots, civil commotion and terrorism (SRCCT) premiums to NITF, up from the previous 12%, says Fitch Ratings.
AIA's involvement in the safety programme of the annual Poson festival resulted in zero fatalities and the rescue of six lives.
State-owned Sri Lanka Insurance Life (SLICL), has declared the highest ever bonus in the Sri Lankan industry to its policyholders, amounting to SLR11.2bn($36m) for the year 2023.
The Insurance Regulatory Commission of Sri Lanka (IRCSL) has introduced an Optional Compensation Scheme (OCS) through licensed general insurance companies to provide compensation to third-party victims of motor vehicle accidents or their legal heirs.
The tender for the sale of the segregated life and general insurance businesses of state-owned Sri Lanka Insurance Corporation (SLIC) has attracted five bidders, four of which are local investors.
Five Ceylinco Life policyholder families have just won an all-expenses-paid holiday to Turkey, another five families a holiday in Malaysia and 150 families have been selected for a day's outing at the Pearl Bay theme park in Bandaragama at the grand draw of the 17th edition of the promotion.
The government-owned Sri Lanka Insurance Corporation (SLIC), which is the country's biggest insurer, has entered a new chapter with the legal segregation of its life and general insurance businesses, the company has announced.
A new directive that Sri Lankan non-life insurers remit 100% of motor insurance strike, riot, civil commotion and terrorism (SRCCT) premiums to state-owned National Insurance Trust Fund Board (NITF) should benefit NITF while the underwriting profitability of non-life insurers is likely to worsen, says Fitch Ratings.
The state-owned Sri Lanka Insurance Corporation (SLIC), the biggest composite insurer in the country, will be split into two entities, one relating to life insurance and the other to general insurance.