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Low penetration enables great leap forward for insurance industry:Ronald Perera

Published

3 years ago

2022/08/21

by Hiran H.Senewiratne

Sri Lanka’s insurance penetration is less than two percent of the total population and there was enormous potential to grow this sector. However, motor insurance is doing well because every single vehicle owner has to obtain a vehicle insurance policy, newly appointed Chairman of Sri Lanka Insurance Corporation Ltd Ronald Perera, PC, said.

“Penetration of life insurance is less than two percent of the total population. Therefore we have to go to villages to promote and encourage people to obtain life insurance policies, especially health insurance cover to provide them with a comprehensive health coverage. This is true especially for young people who are already employed or engaged in any business,” Perera said at an event where he was welcomed by its staff and well-wishers as the 26th Chairman of the Sri Lanka Insurance Corporations (SLIC) on Thursday.The event was held at the SLIC head office at Vauxhall Street, Colombo.

He said that in the 1980s the insurance field was liberalized enabling private and foreign insurance companies to enter the market. Today there are 27 insurance companies in Sri Lanka of which SLIC enjoyed the number one position despite being a government entity.

“Government institutions are subject to strict rules and regulations. At times we are not in a position to buy equipment for the company due to those rules. Therefore, we cannot take decisions like other private or foreign insurance company. Despite these odds and challenges, we have been able to maintain the number one positions in the insurance field,” .Perera said,

He also said that to penetrate into the youth market, new innovation and the latest technology has to be used. This is especially so with regard to health insurance policies because such cover enables youth to work without fear for their lives.

“This being a competitive industry we have to embrace new technology together with innovations. If not we cannot exist in the market because the technology will overrun the industry. This happened to companies like Kodak and Polaroid in the photography industry where digital technology took over.”

Sri Lanka Insurance has all the potential of being the largest insurance company with a highly skilled work force and with an excellent brand image, he added.

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INS Sahyadri sets sail from Colombo

Published

2 hours ago

2025/04/7

Priyan

The Indian Naval Ship (INS) Sahyadri which arrived at the Port of Colombo on a formal visit on 04 Apr 25, departed the island today (07 Apr). The Sri Lanka Navy bade customary farewell to the departing ship at the Port of Colombo, following naval traditions.

During the ship’s stay in Colombo, crew members of INS Sahyadri took part in several programmes organized by the Sri Lanka Navy, aimed at enhancing mutual cooperation. In addition, they also explored some tourist attractions in the country. Further, personnel of Sri Lanka Navy had the opportunity to visit INS Sahyadri, gaining insights into her operational capabilities.

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Advisory for severe lightning issued for Sabaragamuwa, Central and Uva provinces and in Hambanthota district

Published

7 hours ago

2025/04/7

Priyan

Color: -Red Warning (Take action) Color: -Amber Advisory (Be prepared) Color: -Green Threat is over

The Natural Hazards Early Warning Centre has issued an Advisory for Severe Lightning for the Sabaragamuwa, Central and Uva provinces and in Hambanthota district.

The advisory issued at 02.00 p.m. today [07 April 2025] is valid for the period until 11.00 p.m. 07 April 2025

The public are warned that thundershowers accompanied by severe lightning are likely to occur at several places in for Sabaragamuwa, Central and Uva provinces and in Hambantota district. There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.

ACTION REQUIRED:

The Department of Meteorology advises that people should:

Seek shelter, preferably indoors and never under trees.
• Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
• Avoid using wired telephones and connected electric appliances during thunderstorms.
• Avoid using open vehicles, such as bicycles, tractors and boats etc.
• Beware of fallen trees and power lines.
• For emergency assistance contact the local disaster management authorities.

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“Census of Population and Housing 2024” Report Presented to the President

Published

8 hours ago

2025/04/7

Priyan

The report of the “Census of Population and Housing 2024,” conducted by the Department of Census and Statistics, was officially handed over to President Anura Kumara Disanayake this morning (07) at the Presidential Secretariat.

This preliminary report has been prepared based on island wide data collected between October and December 2024.

The report provides details on Sri Lanka’s population, its growth and the distribution of the population across districts.

The information gathered through the census is vital not only for the government but also for other institutions in formulating policies and development plans essential for the country’s progress. Significantly, for the first time in the history of census-collecting in Sri Lanka, data collection was carried out using tablet computers and user-friendly mobile devices.

The event was attended by Deputy Minister of Finance & Planning, Harshana Suriyapperuma, Secretary to the President Dr. Nandika Sanath Kumanayake, Secretary to the Ministry of Finance Mahinda Siriwardana, Director General of the Department of Census and Statistics D.D.G.A. Senevirathne and several other officials.