Insurance penetration in Sri Lanka is just 13 per cent of the population with 87 per cent out of the radar, a challenging task for the insurance industry in its effort to increase coverage.
Speaking at the 8th National Forum for Life Insurance Advisers (NAFLIA) held on Thursday at the BMICH themed “Towards a Day all Sri Lankans are insured. Are we ready?” Deepthi Lokuarachchi, Managing Director/CEO, HNB Assurance PLC and Chairman, Sri Lanka Insurance Association said that the insurance penetration level contributes only 2 per cent to GDP and there is a need to examine the reason for this and how to achieve full penetration.
Fourteen companies are in the insurance business and the annual average of insurance premium is Rs, 60 billion, he said. While Sri Lanka is a developing country with its annual per capita income at US$3,800 (2016), there is a need to review whether Sri Lankans could afford an average monthly premium of around Rs. 5,800.
He said the industry should study whether they could work out a lower premium rate to boost penetration levels which are low in Sri Lanka compared to other countries.
Ms. Indrani Sugathadasa, Chairperson, Insurance Board of Sri Lanka was the Chief Guest while Prof Ajantha Dharmasiri, President, Institute of Personnel Management (IPM) delivered the keynote on ‘Excel in Excellence – Behavioural Perspective’. (Quintus)
You can share this post!
Content
Public Security Minister Ananda Wijepala told Parliament today that the suspect in the rape of a lady doctor at the Anuradhapura teaching hospital has been identified as an army deserter and he will be apprehended shortly.
Police have arrested the suspect connected to the sexual assault on a female doctor at the Anuradhapura Teaching Hospital today morning in Galnewa.
The Dutch Public Prosecutor suspects two companies of paying bribes in the construction of hospitals in Sri Lanka, according to an investigation by FD, the Dutch financial newspaper.
The Minister of Power, Kumara Jayakody, stated that in the future, internationally funded projects, such as power projects, will only be carried out through government-to-government (G2G) agreements and competitive procurement.
Israel, a major player in the global diamond and jewellery trade, has invited Sri Lankan gem and jewellery businessmen and designers to collaborate with Israeli diamond traders.
The Government today tabled in the House the Report of the Commission to Inquiry into the Establishment and Maintenance of Unlawful Places of Detention and Torture Chambers in the Batalanda Housing Scheme.
Leave Comments