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A pillar of security, not a burden”: IRCSL Chief spells out bold vision for insurance

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Dr. Ajith Raveendra De Mel

“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.



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Asia-Pacific business leaders to accelerate sustainable business action

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More than 200 senior business leaders, policymakers, investors, sustainability practitioners and United Nations representatives convened in Colombo on 11–12 August for Forward Faster Now | APAC 2026: Driving Business Leadership for Sustainable and Inclusive Growth—the United Nations Global Compact’s flagship regional forum in Asia-Pacific.

Hosted by UN Global Compact Network Sri Lanka and organized by the UN Global Compact APAC Hub in collaboration with 14 Global Compact Country Networks, the forum strengthened regional collaboration and demonstrated the growing role of business leadership in advancing sustainable and inclusive growth across Asia-Pacific.

More than 80 high-level speakers from across the region contributed to the two-day programme, bringing together expertise from business, finance, government, the United Nations and civil society. The forum also convened an exceptional audience of CEOs, C-Suite, Board Directors, Heads of UN agencies and senior decision-makers, creating one of the region’s most significant platforms for cross-sector dialogue on sustainable business.

Across plenary dialogues, leadership panels and action-oriented workshops, participants explored the issues shaping the future of business in Asia-Pacific, including climate action, sustainable finance, gender equality, resilient supply chains, water stewardship, governance and integrity, digital innovation, human rights due diligence, circular economy solutions and ESG data for decision-making. Rather than focusing solely on ambition, Forward Faster Now challenged businesses to move from broad sustainability goals to target setting, practical decisions, stronger systems and action that can deliver progress at scale.

A defining milestone of the forum was the visit of Sanda Ojiambo, Assistant Secretary-General, CEO and Executive Director of the UN Global Compact. Her presence in Sri Lanka underscored the country’s growing role within the regional sustainability agenda and reinforced the importance of private sector leadership in delivering the Sustainable Development Goals.

Beyond the public programme, her visit included a series of bilateral engagements and strategic convenings with business and institutional leaders, deepening relationships and opening new avenues for engagement between the UN Global Compact and stakeholders in Sri Lanka.

The event also marked the launch of three significant initiatives by UN Global Compact Network Sri Lanka that will extend the impact of the convening well beyond the event itself. The Responsible Business Coalition was introduced as a new partnership to embed sustainability, and strengthen governance by bringing together Sri Lanka’s leading professional and industry associations to embed the Ten Principles of the UN Global Compact into their existing convening, training and thought-leadership channels, moving responsible business from a standalone function to a shared C-Suite and Board responsibility.

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Sri Lanka Insurance Corporation General celebrates ‘One Team, One Vision’ sales excellence at Annual Awards 2025

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The Sri Lanka Insurance Corporation General Ltd. (SLICGL) team gathered to honour its top-performing sales professionals at the Annual Sales Awards 2025, held under the theme ‘One Team, One Vision’ on 20th August at the Monarch Imperial.

The evening convened sales leaders and high achievers throughout the island to celebrate a year of sustained performance, customer trust, and commitment which has kept SLICGL at the forefront of Sri Lanka’s general insurance sector.

Affirming SLICGL’s appreciation for the people driving success on the ground, the Sales Awards 2025 recognised those who went beyond targets, deepened client relationships, and contributed directly to the company’s continued expansion.

The event drew an unprecedented audience of over 700 participants. This year’s celebrations recognised a record number of winners, more than double the achievements honoured last year covering a diverse range of award categories reflecting excellence at every level of the business.

Nusith Kumaratunga, Chairman, Sri Lanka Insurance Corporation graced the event as the Chief Guest together with the Board of Directors and senior management of SLICGL also present as invited guests, encouraging and commending the winners for their outstanding achievements.

The award winners at this year’s ceremony included Insurance Advisors, Marketing Executives, Branch Managers, Regional Managers, and members of the Head Office Sales Channels, who were recognised and celebrated for their outstanding achievements in multiple categories.

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Sri Lanka to host SEARIC Summit 2026 for the first time, welcoming over 500 youth leaders from across South East Asia

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(Left to Right: District Rotaract Representative of Sri Lanka and Maldives - PHF Rtn. Rtr. PP Dr. Jude Lucian, Chief Executive Officer of Destination Management Sector at John Keells Holdings PLC – Nalaka Amaratunga, SEARIC Summit Sri Lanka 2026 Chair – PDRR Akhila Wijetunga, Rotary District 3220 Governor of Sri Lanka and Maldives - Rtn. Kumar Sundararaj)

Sri Lanka is set to host the SEARIC Summit 2026 from 11 to 13 September 2026 at the Pegasus Reef Hotel, marking the first time the country will host the flagship regional gathering of the South East Asia Rotaract Information Centre (SEARIC).

Hosted by Rotaract in Rotary International District 3220 (RID 3220) – Sri Lanka & Maldives, the three-day summit is expected to bring together more than 500 delegates from six countries, creating a regional platform for leadership development, knowledge exchange, cultural understanding and collaboration among young leaders. The South-East Asia Rotaract Information Centre (SEARIC) serves as a regional platform connecting Rotaract districts across South East Asia. It facilitates collaboration, information exchange, cultural understanding and joint initiatives among Rotaractors across the region. The annual SEARIC Summit serves as the network’s flagship gathering, bringing together Rotaractors and Rotarians from participating countries for shared learning, fellowship, cultural exchange and collective growth.

Under the theme “The Role of Technology in the Future of Careers and Services,” SEARIC Summit Sri Lanka 2026 will explore the rapidly changing relationship between technology, careers, leadership and community service. As emerging technologies continue to transform industries and the way people work, the summit will provide a platform for young leaders to examine how technology can be used not only to prepare for the future of work, but also to strengthen the way communities are served. Across three days, delegates will participate in leadership and professional development sessions, discussions, cultural experiences, networking opportunities and community-focused programming, with the central theme reflected throughout the summit programme.

Beyond the Rotaract movement, the event also contributes to Sri Lanka’s broader positioning as a destination for international conferences, youth leadership programmes and regional collaboration. With hundreds of international delegates travelling to the country, the summit provides an opportunity to showcase Sri Lanka’s hospitality, culture and potential as a host destination for future international gatherings. The event further creates a platform for young leaders from across South East Asia to connect with Sri Lankan counterparts, exchange ideas and explore opportunities for cross-border collaboration.

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