Janashakthi Insurance PLC this week said it has signed up with renowned global re-insurer and giant Hannover Re and international microinsurance specialist Planet Guarantee to launch a range of micro insurance products in Sri Lanka.
Picture shows from left -- Ravi Liyanage (General Manager Sales and Marketing - Janashakthi Insurance PLC), Claude Vercasson (General Manager - Worldwide Micro Insurance Programme, Hannover Re), Prakash Schaffter (Managing Director - Janashakthi Insurance PLC), Philippe Rives (President Board of Management - Planet Guarantee) and Ms. Dayalanie Abeygunawardena (General Manager - Insurance, Janashakthi Insurance PLC) |
The main objective of Micro Insurance is to protect micro enterprises against unexpected eventualities. This vulnerability keeps them continually trapped in the vicious spiral of poverty. In this context, microinsurance is a complementary financial instrument aiming to provide low-income populations with a protection against known and unknown risks, the Sri Lankan insurer said. Managing Director of Janashakthi Insurance PLC Prakash Schaffter said that although Micro insurance is comparatively new to Sri Lanka, the concept is very relevant at this point in time.
"With less than 1% of the country's 19.4 million population covered by microinsurance, Sri Lanka has proved to have massive market potential in this area. Especially in post-war Sri Lanka, with its visible and tangible resurgence of economic activity in different spheres both at micro and macro level, Microinsurance is an ideal tool to assist small entrepreneurs," he said in a statement distributed at a media conference.
General Manager of Worldwide Micro Insurance Programme, Hannover Re, Claude Vercasson said, Reinsurance is "insurance for insurance companies, in other words a second level of insurance.
With our extensive experience in the field of re-insurance and our long and successful relationship with Planet Guarantee, we are indeed proud to join hands with Janashakthi Insurance on this project in SriLanka." With a gross premium of around 8 billion Euros, Hannover Re is one of the leading reinsurance groups in the world. Planet Guarantee is a company dedicated to the promotion and development of micro insurance around the world. |
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