Business
A pillar of security, not a burden”: IRCSL Chief spells out bold vision for insurance
“We are heading toward a time when insurance is seen as a vital component of financial security rather than as a luxury or a burdensome requirement.”
This powerful declaration from Dr. Ajith Raveendra De Mel, Chairman of the Insurance Regulatory Commission of Sri Lanka (IRCSL), sets the tone for an ambitious transformation that promises to reshape the nation’s insurance landscape over the next decade. Speaking to The Island Financial Review on the Commission’s 25th anniversary, Dr. De Mel laid out a comprehensive roadmap that aims to double the size of the insurance market and increase penetration from a meagre 1.2% to 3% by 2035.
While doubling the market presents a formidable challenge, the IRCSL leadership insists it is well-prepared to overcome it. The strategy branded “Insurance Vision 2030 & 2035,” rests on three fundamental pillars: efficiency, accessibility, and transparency. These values, Dr. De Mel emphasised, will guide every regulatory decision and industry initiative as Sri Lanka moves towards a future where every citizen understands and values the protection that insurance provides.
“This is not merely about regulating a business,” the Chairman declared. “We are creating a safeguarded country for a better future. Together, we will make sure that our insurance industry is as resilient as our people when the unexpected occurs.”
The transformation strategy is built around a seven-pillar approach designed to address longstanding challenges while capitalising on new opportunities. The first pillar focuses on moving beyond standardised, one-size-fits-all products. The IRCSL is pushing insurers to develop innovative policies that address the diverse needs of modern Sri Lankans from micro-insurance for underserved communities to sophisticated coverage for emerging technology firms. This product innovation is essential to making insurance relevant and accessible to all segments of society.
Digital transformation forms the backbone of the Commission’s vision, with technology identified as the key driver for improving distribution and customer experience. The second pillar emphasises digital onboarding and simplified sales processes, ensuring that coverage is accessible to citizens regardless of their location. This commitment to leveraging technology for public benefit is already yielding tangible results through the introduction of the National Motor Insurance Verification System.
Perhaps the most immediately impactful initiative is the digital transformation of motor insurance verification. For years, physical insurance cards have been a source of frustration for both policyholders and law enforcement, with misplaced or damaged documents causing delays in roadside inspections and claims processing. The new Digital Motor Insurance Card system eliminates this burden entirely. Citizens can now verify their insurance status through USSD service 1338#, SMS to 1338, or the Insurance Verification Centre; all without carrying physical documentation.
The collaboration with the Sri Lanka Police, backed by the Inspector General of Police, ensures that authorities can verify compliance in real-time, streamlining roadside operations while promoting greater adherence to mandatory insurance regulations. This initiative represents a significant step towards aligning the insurance industry with the government’s vision for a modern, digital economy, demonstrating how technology and public safety can work in harmony.
Beyond motor insurance, the IRCSL is establishing a Centralised Insurance Data Repository integrated with the Credit Information Bureau (CRIB). This marks a fundamental shift in how insurance data is managed and utilised. The fragmented data of the past made comprehensive risk assessment difficult, but the new central repository offers a single source of truth for all stakeholders. Insurers can now make better, data-driven decisions, helping to keep premiums stable while preventing excessive indebtedness. Regulators gain enhanced oversight, and the integration with CRIB enables a more holistic approach to credit and insurance risk, ultimately strengthening the stability of the entire economy.
Business
SLEIS 2026 to examine how Sri Lanka can strengthen its place in Asia’s growth networks
As Asia continues to account for a growing share of global economic activity, Sri Lanka faces an important opportunity to strengthen its links with regional trade networks, supply chains and economic corridors. How the country can make better use of these connections to attract investment, expand trade and strengthen its position in regional value chains will be among the key questions at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.
Titled “Linking Sri Lanka to Asia’s Growth Networks: Trade, Corridors, and Value Chains,” the session will examine the opportunities for Sri Lanka to deepen its integration with the wider Asian economy and build stronger connections with regional and global markets.
The session keynote will be delivered by P.D Singh – Chief Executive Officer, India and South Asia, Standard Chartered Bank. He will be joined for a panel discussion by Chathuranga Abeysinghe – Deputy Minister of Industry and Entrepreneurship Development, Akio ISOMATA – Ambassador of Japan to Sri Lanka, MASAAKI Kawabata – Chairman – Toyota Lanka (Private) Limited, and Ravi Jayawardena – Group Chief Executive Officer-Maliban Biscuits (Private) Limited. The session will be moderated by Ms. Subhashini Abeysinghe – Research Director- Verité Research.
For Sri Lanka, stronger regional integration can open opportunities beyond traditional export markets. Greater participation in regional supply chains, improved trade connectivity and closer links to economic corridors can support investment in areas such as logistics, manufacturing, export services and other sectors connected to international production networks.
The discussion will consider what Sri Lanka needs to do to strengthen its position within these networks, including improving trade connectivity, attracting investment and creating a business environment that enables companies to participate more effectively in regional and global value chains.
It will also look at the experience of businesses and international institutions operating across the region, providing perspectives on how companies assess markets, build supply chains and identify locations for investment. With supply chains and investment flows increasingly shaped by regional connectivity, the session will also consider the partnerships and strategies needed to position Sri Lanka as a more competitive participant in Asia’s growth networks, while creating opportunities for trade, investment, innovation and economic growth.
The session will form part of the second day of SLEIS 2026, held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy.”
The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.
Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).
Business
AAC launches seat belt safety awareness initiative with RDA Colombo
The Automobile Association of Ceylon (AAC), in collaboration with the Road Development Authority (RDA) and Police – Traffic Division, will conduct a special Road Safety Awareness Programme to promote the importance of wearing seat belts in vehicles specially on the express highways in order to reduce road fatalities and serious injuries.
The official handing-over ceremony took place at the Chairman’s Office of the Road Development Authority on 14th September 2026, where specially designed Seat Belt Safety Hanging Tags & Stickers prepared by the Automobile Association of Ceylon were handed over to the RDA for distribution to motorists at entry points to the expressways.
The initiative is being conducted in connection with the seat belt law coming into effect on 19th September 2026 and is intended to create greater public awareness of the importance of wearing seat belts in both the front and rear seats of vehicles.
Representing the Automobile Association of Ceylon at the ceremony Dhammika Attygalle, President; Prasanna De Zoysa, Sectional Chairman – Road Safety; and Devapriya Hettiarachchi, Secretary, Senior Superintendent of Police -Traffic Sisira Peththrathanthri, participated in the programme.
The Automobile Association of Ceylon has consistently maintained that road safety is one of its foremost priorities. Through awareness campaigns, educational programmes and collaboration with government authorities and other stakeholders, the Association continues to encourage responsible driving and safer behaviour among all road users.
AAC believes that the proper use of seat belts, including by rear-seat passengers, is a simple but vital safety measure that can help reduce serious injuries and save lives in the event of a road crash.
The programme further strengthens the cooperation between the Automobile Association of Ceylon, the Road Development Authority and the Police in their shared commitment towards safer roads and saving lives in Sri Lanka.
Business
Sanath Jayasuriya as Brand Ambassador
Global Housing & Real Estate (Pvt) Ltd (GHR) has announced a landmark partnership with Sri Lankan cricket legend Sanath Jayasuriya, as its Brand Ambassador as GHR enters a new chapter in its journey within Sri Lanka’s luxury real estate sector.
The partnership was officially unveiled at a press conference held at Cinnamon Life, Colombo, on 14 September 2026, bringing together industry leaders, investors and members of the media under the theme “Two Gamechangers, A New Beginning.”
The collaboration brings together two names associated with challenging convention in their respective fields: Sanath Jayasuriya, whose fearless approach transformed the dynamics of international cricket, and GHR, which has sought to introduce new approaches to property investment and luxury living in Sri Lanka.
Over the past two decades, GHR has built its presence in Sri Lanka’s real estate sector with a focus on quality, structural integrity and long-term investment value.
A significant milestone in the company’s journey came in 2016, when GHR introduced the hotel residency concept to the Sri Lankan market. The model brought together luxury hospitality and real estate investment, creating opportunities for property ownership with the potential to generate investment returns while contributing to the growth of the country’s high-end tourism offering. GHR has since continued to expand its portfolio across key destinations in Sri Lanka.
Speaking at the announcement, Dasun Wickramarathna, Chairman of Global Housing & Real Estate (Pvt) Ltd, said, “For over twenty years, Global Housing & Real Estate has strived to push the boundaries of what property development can achieve in Sri Lanka. As pioneers who introduced the hotel residency concept back in 2016, our mission has always been clear: to provide high-yield investment opportunities for our clients while taking Sri Lanka’s condominium industry into a new frontier.”
Commenting on the decision to partner with Sanath Jayasuriya, he added, “When looking for a voice to represent GHR’s ethos, Sanath Jayasuriya was the natural choice. Just as Sanath disrupted traditional international cricket and redefined how the world viewed the opening overs, GHR challenged traditional approaches to real estate and established a new benchmark in luxury living. This partnership represents a true convergence; Two Gamechangers, A New Beginning.”
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