Business
Motor vehicle imports negatively impact General Insurance sector
‘The import of motor vehicles had a detrimental effect on the General Insurance sector, which had a negative growth of 1.3 per cent towards Gross Written Premium (GWP) of LKR 99.5 billion in 2020. The first half of 2021 too recorded a negative growth of 0.3 per cent, president, Insurance Association of Sri Lanka Iftikar Ahamed said.
The Insurance Association of Sri Lanka celebrated National Insurance Day on the 1st of September 2021. Insurance Month will be commemorated to spread awareness about the importance of insurance and its relevance at present. As all industries in the country undergo continuous challenges and changes during the global pandemic, the insurance industry too has been dynamic in its approach to customers in providing timely policy solutions ,an IASL press release said.
.It adds: Iftikar Ahamed, the President of IASL provided a look inside the insurance industry, detailing the changes in the industry landscape and IASL’s role during this time.
“The pandemic has had mixed effects on the insurance industry in the past year. The Life Insurance Industry Gross Written Premium (GWP) grew by 16% to cross the LKR 100 billion threshold in 2020, and the first six months of 2021 saw a growth of 30%, which is a remarkable number despite the effects of the previous year. The import of motor vehicles had a detrimental effect of the General Insurance sector, which had a negative growth of 1.3% towards GWP of LKR 99.5 billion in 2020. The first half of 2021 too recorded a negative growth of 0.3%.
“As the apex body of the industry, insurance awareness month is utilized to spread awareness of the relevance and importance of insurance to every Sri Lankan. We have seen many insurance providers explore new avenues that would be timely solutions for our customers as they push the traditional limits in solutions and selling by transitioning into the digital sphere, reducing overall turnaround times. These have to be taken to the public in quick and efficient ways, where aggressive marketing and sales becomes key. The Insurance Awareness month therefore, becomes more crucial this year.”
Speaking on how the pandemic has affected the industry and the steps taken to ease the burden of those affected as well as the government, Iftikar Ahamed continued “The insurance industry has stood by its policyholders by coming forward to meet their COVID claims despite the pandemic, which is usually an exclusion. Especially during the third and fourth waves honouring claims has been a moment of truth for many customers and a true testimony to the fact that we are there for Sri Lanka.
“In addition, rewarding and recognizing efforts, especially at times such as these, is important for the industry given that their role has been extremely challenging during this period. The National insurance awards took place on 1st September as a virtual event where the brightest and the best talent in the industry received awards for both 2019 and 2020, since we could not have this event last year.”
When asked his opinion on how insurance companies might successfully maintain customer interest, Iftikar Ahamed further added, “The attention and interest of the public on insurance and the protection that it affords is now quite evident. The industry needs to capture this moment and maintain engagement with meaningful benefits whilst ensuring that all policyholders are treated fairly and equitably.”
It is hoped that the message of insurance will be further disseminated following Insurance Month 2021, and that it will result in increased awareness and understanding among the people of Sri Lanka. A subject that can be embedded into the daily life of an individual from dawn to dusk, it is vital that the public can access their preferred insurance solution at the time, place, price and in the manner they want.
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
Business
International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw
ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.
This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.
“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL
Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.
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