Country: Sri Lanka Page 1 / 2
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- July 12 2023
WTW, Axa Climate roll out Asia’s first 4-peril parametric cover
The policy offers Sri Lankan shrimp farms protection against earthquake, typhoon, excess rainfall and heat stress.
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- June 8 2023
Sri Lankan insurers’ profits to be hit by inflation, currency devaluation: Fitch
Underwriting profit for P&C insurers to be squeezed by rising motor spare-part costs, while sparse foreign-currency liquidity is hampering firms.
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- May 3 2023
Sri Lanka Insurance to hive off general insurance arm as it readies for sale: report
The state-owned insurer's portfolio includes more than one million general and life policyholders each, with a combined GWP of US$131m.
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- April 27 2023
Licence of Sri Lanka’s Co-operative Insurance suspended, Fitch downgrades again
The downgrade to BB from BBB comes after a governance breach saw all new business stopped until May 2.
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- January 25 2023
Fitch downgrades Sri Lankan Co-operative Insurance
CICPL's investment and liquidity risks have increased.
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- November 21 2022
Allianz appoints Alan Smee as Sri Lanka CEO
Smee will replace Gany Subramaniam, who moves to Singapore as head of commercial sales
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- November 16 2022
Government proposes Sri Lanka Insurance restructure
The idea is to help improve the firm’s operational performance and efficiency.
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- September 6 2022
Sri Lanka Insurance’s underwriting profits to suffer from inflation: Fitch
The P&C insurer has limited ability to reprice policies due to the economic crisis in the country.
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- April 26 2022
Dangers rise for reinsurers in Sri Lanka: Fitch
Changes to renewals could add to costs and undermine insurers' ability to write new business.
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- April 25 2022
Fitch downgrades Sri Lanka Insurance as crisis bites
The country's financial crisis is slowing down premium growth.
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- February 16 2022
Sri Lankan P&C claims spike 22%
Claims rebounded from a Covid slump in 2020 pushing underwriting profits down.
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- January 25 2022
Sri Lanka Insurance sees GI book grow 5.4% in 2021
The insurer's overall premiums hit US$213.2m, an increase of 9.7% over 2020.
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- January 3 2022
Sri Lanka’s HNB General Insurance picks new CEO: report
Sithumina Jayasundara was previously the COO and is president of the Sri Lanka Insurance Institute.
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- November 25 2021
Sri Lanka’s P&C players face motor fee burden
Fitch report says a government charge on vehicles involved in traffic accidents may have to be reimbursed by insurers.
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- August 18 2021
Sri Lanka P&C profits doubled in 2020
Allianz was one of the biggest gainers on the island as Covid-19 subdued claims.
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- August 13 2021
Sri Lanka’s state reinsurer saw premiums decline in 2020
NITF discontinued accepting a 30% facultative share from local insurers due to the non-availability of retrocession cover.
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- July 14 2021
X-Press Pearl’s owners pay initial US$3.6m claim
Sri Lanka's government is looking for US$40m to compensate for environmental damage.
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- June 21 2021
Asia marine market braces for X-Press Pearl ‘total loss’
The focus is now on wreck removal and containing the environmental damage.
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- June 14 2021
Sri Lanka’s non-life market to veer away from motor
Fitch analyst tells IAN a vehicle import ban has created a shift toward other business lines.
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- May 27 2021
X-Press Pearl fire to see ‘significant’ cargo, salvage claims
Insurers face claims in the tens of millions of US dollars.
