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The Evolving Role of Life Insurance in Sri Lanka

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Senath Jayatilake Chief Executive Officer of Union Assurance

“One undeniable truth we all face is the uncertainty of life. In a world where change is constant and the future unpredictable, the need for financial security and empowerment has become more essential than ever,” says Senath Jayatilake, Chief Executive Officer of Union Assurance while highlighting the pivotal role of the Life Insurance industry in strengthening Sri Lanka’s socio-economic landscape.

How do you view the evolution of the Life Insurance industry in Sri Lanka?

For decades, the Life Insurance industry in Sri Lanka has struggled against a persistent misconception: that its value is only realised after the death of the policyholder. This outdated belief has limited its reach and impact, preventing many from experiencing the full potential of what Life Insurance truly offers.

In reality, Life Insurance is a promise for the living. It is part of a proactive financial strategy that supports individuals and families throughout their lives. From facing medical emergencies, preparing for retirement, planning a child’s education, to building a buffer against life’s uncertainties, Life Insurance helps people protect their dreams and navigate challenges with confidence. In today’s fast-paced socio-economic landscape, people are looking for financial solutions that offer both security and growth. Life Insurance meets this need by acting as a dynamic tool that adapts to changing life stages and priorities.

What role does Life Insurance play in the household financial strategy?

At the heart of a household’s financial strategy should be two essential pillars: empowerment and protection. Empowerment is about building wealth—saving, investing and planning for life’s goals. Protection ensures that these goals are not derailed by unexpected events. Life Insurance uniquely bridges these two pillars, offering both disciplined savings and robust financial security. It is not just a safety net—it is a powerful enabler of long-term well-being.

This balance is ever more important in today’s volatile economic climate. Historically, Sri Lanka has faced recurring economic volatility, with our household savings rates hovering around 24% as reported in 2024. This means that three out of four households lack savings to fall back on, leaving them vulnerable and without a safety net to withstand financial shocks. Meanwhile, societal dynamics are shifting. Dual-income households are on the rise, which means that the loss of one income can have dire consequences. Single-parent families face even greater financial risks. Life Insurance can help close these gaps. It provides a structured way to save while offering a financial cushion in times of crisis supporting families through life’s transitions ensuring they can move forward with confidence.

What Steps Can Sri Lanka Take to Bring the Real Impact of Life Insurance to Life?

To truly unlock the potential of Sri Lanka’s Life Insurance industry, several strategic imperatives must be addressed. First and foremost is financial inclusion. With only around 10% of the insurable population currently covered, the country faces a significant protection gap. Bridging this divide requires innovative approaches such as mobile-based distribution, community-driven outreach programmes and even pushing embedded Life Insurance solutions. These can make Life Insurance more accessible, affordable and relevant to underserved segments in society. Additionally, improving financial literacy is essential. Many individuals remain unaware of how Life Insurance works or how it can benefit them beyond death coverage. Targeted education campaigns, simplified products and transparent communication can help build trust and drive adoption.

Secondly, like other financial service providers, the Life Insurance sector must view digitalisation not just as a performance enhancement tool but as a strategic necessity for evolution and long-term relevance. By leveraging technology, companies can make the entire customer journey more seamless and user-friendly, delivering real-time responsiveness, transparency and complete visibility into the status of customer requests. This digital ecosystem empowers customers by giving them greater control over their Life Insurance policies, fostering trust and engagement. Moreover, digital platforms enable insurers to personalise Life Insurance propositions, streamline operations and harness data analytics to better understand customer needs and behaviours.



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Sri Lanka ITEC Alumni Association formally launched

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Sri Lankan professionals trained in India under the Indian Technical and Economic Cooperation (ITEC) programme have formed a national alumni association. The Sri Lanka ITEC Alumni Association was formally launched at its inaugural meeting on Thursday, 8 October 2026, at the Grand Crystal Ballroom of Hotel Taj Samudra, Colombo.

The Association is a unique initiative of the Education Wing of the High Commission of India in Sri Lanka. The Wing oversees India’s education and scholarship programmes for Sri Lanka, including the ITEC programme. The initiative was led by Sandeep Chaudhary, First Secretary (Education), High Commission of India. His vision and support were key to bringing Sri Lanka’s ITEC alumni together under one platform for the first time.

The Government of India launched ITEC in 1964, and it has since become one of the cornerstones of India’s development partnership with countries of the Global South. The programme is fully funded by the Government of India and offers civilian training in a wide range of fields, including public administration, finance, information technology, engineering, management, agriculture, health and the environment. Courses are delivered at leading Indian institutions. Over six decades, ITEC has trained officials and professionals from more than 160 partner countries. Sri Lanka has been one of its most active participants, and thousands of Sri Lankan public servants and professionals have benefited from the programme.

The new Association brings these alumni together from government, semi-government and private sector institutions. Its aims are to foster professional networking, knowledge sharing, capacity development and community service. It will also encourage collaboration among alumni and guide and support future Sri Lankan participants in ITEC programmes. In doing so, the Association seeks to deepen the long-standing friendship and people-to-people ties between Sri Lanka and India.

At the meeting, members elected an Executive Committee to lead the Association. Ms. Gayathri Suveendran was elected President. The other office-bearers are:

Vice Presidents: P.B. Hasith Sandaruwan and Leo Darshan
General Secretary: Anupa Weerarathne
Assistant Secretary: Vimukthi Dushantha
Treasurer: S. Rubadharshan
Assistant Treasurer: I. Ravikumar

Four sectoral committees will carry the Association’s work forward:

Establishment, Administration and Finance: Prof. M.I.M. Mujahid Hilal, M. Farwis, Milroy Aluthwatta, W.P. Suraweera, M.S. Thayaraj and Asinsala Senevirathne.

ICT, Digital Transformation and Innovation: Sujah Ameer, Danushka Diunugala, T.M.M. Perera, Tharanga, M.K.H.P. De Silva, Pubuditha Madushan and Arulkumaran Mahalingam.

Coordination, Organising and Legal Affairs: T. Srirajeevan, Theja Jayathilaka, Eng. A. Lingeswaran, Chaminda K. Uda, Kumuduni, S. Sinthujan and Ananda Arasu.

Media, Public Relations and Publications: Rahul Samantha Hettiarachchi, Dr. Gayani Kaushalya, Anandi Premarathne, Vimukthi Dushantha, R. Suhanthan and Shyam Nuwan Ganewatta.

The founding of the Association marks a significant milestone for the ITEC community in Sri Lanka. It turns individual training experiences in India into a shared national resource, and it adds a new professional dimension to the enduring partnership between the two neighbours.

 

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Measures underway to protect Diyagama Forest as a Reserve — Deputy Minister of Environment

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The government is taking all necessary measures to protect the Diyagama forest area located in Homagama within the Colombo District,  Deputy Minister of Environment, Anton Jayakody,
stated on Friday  (9) while delivering a special address in Parliament.

Originally an abandoned plot of land, it has regenerated naturally over the past two decades into a sensitive ecosystem bearing the characteristics of a rainforest. With rapid urbanization, numerous wildlife species displaced across
the Colombo District have now migrated to and found sanctuary in this ecological haven.

Citing field research conducted by a team of scholars from the University of Colombo—including Prof. S.W. Ranwala, Prof. Ileperuma, and Prof. Abeykoon—the Deputy Minister pointed out that nearly 120 species of flora and fauna have been identified in the area. Among them are species endemic to Sri Lanka, as well as rare wildlife such as the red slender loris and pregnant animals close to giving birth, clearly testifying to the rich biodiversity thriving within this habitat.

Located adjacent to the Mahinda Rajapaksa International Stadium and the Japan–Sri Lanka Friendship Baseball Ground, this green zone serves as a vital ecosystem for absorbing carbon
dioxide emitted by athletes and residents in the vicinity.

In addition to directly contributing toward Sri Lanka’s commitments under the Paris Agreement to achieve net-zero emissions by 2050, the forest also functions as a vital catchment area feeding into the Bolgoda water basin.

Accordingly, following the approval of the Colombo District Coordinating Committee (DCC) with the participation of the Divisional Secretary, government officials, and environmentalists, steps will be taken to submit a Cabinet paper to formally declare this valuable woodland a forest reserve, the Deputy Minister emphasized.

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NPP govt. reminded of its responsibilities as US warship leaves Colombo

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Alireza Delkhosh

Stranded Iranian ships off SL:

Iran has reminded Sri Lanka that as a member of the UN the government is obligated to fulfil its responsibilities.

Iranian Ambassador Alireza Delkhosh in Colombo said that in terms of the Convention on the Law of the Sea (Article 98) as well as SOLAS and SAR Conventions, Sri Lanka couldn’t refrain from providing the needs of the Iranian vessels stranded in its Exclusive Economic Zone (EEZ).

Ambassador Delkhosh was responding to a recent Foreign Minister Vijitha Herath’s declaration that neither the government nor private companies would provide food, water and medicine to these ships.

The Ambassador questioned how Sri Lanka accepted illegal and unilateral US sanctions against Iran, contrary to the JVP’s much touted historic anti-imperialistic manifesto.

The Iranian vessels are believed to be under constant US surveillance to prevent any supplies from getting through.

The Iranian Embassy made these comments as USS Tulsa (LCS 16), an Independence-variant littoral combat ship arrived in Colombo where it received supplies. The US Embassy declared that; ” this goodwill visit provides an opportunity to strengthen ties between US and Sri Lankan sailors while the ship refuels and resupplies before continuing its mission in the Indo-Pacific.”

Ambassador Delkhosh said that even if the above-mentioned Conventions weren’t adhered to, there existed, what he called, unwritten yet binding conventions that compelled Sri Lanka to assist. “It is the Convention of not forgetting past friendship and Convention of Humanitarian Actions.”

The Iranian envoy emphasised that these conventions that exempt no country from extending humanitarian aid, especially Sri Lanka, which, throughout its recent history, has been a recipient of Iranian assistance.

A section of the international media reported that Sri Lanka faced the risk of secondary sanctions from the United States if Sri Lanka allowed supplies to reach the stranded Iranian vessels. Twenty vessels are believed to be stranded in EEZ.

Former Sri Lankan Ambassador in Tehran, M.M. Zuhair, recalled how the Iranian government swiftly and decisively provided assistance, amidst western efforts to jeopardise the military campaign, by undermining the national economy.

As the war entered a crucial stage, the government found itself in an extremely difficult situation. Following talks at the highest level, Iran provided Sri Lanka with an interest-free and concessionary oil credit facility worth $1.05 billion to help obtain crude oil requirements, President’s Counsel Zuhair said.

If not for the rolling credit line, easing severe foreign exchange pressures, the Rajapakasa government could have faced an insurmountable challenge, the former diplomat said, adding that, unfortunately, those in decision-making positions now have forgotten the past. (SF)

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