Sithumina Jayasundara, Chief Operating Officer of HNB General Insurance Limited has been elected as the 19th President of the Sri Lanka Insurance Institute (SLII). The appointment of Jayasundara was pronounced at the Annual General Meeting held on the 22nd of July, 2021.
An old boy of St. Anthony’s College, Kandy, Jayasundara is the current Chief Operating Officer, Specified Officer and Principal Officer of HNB General Insurance Limited and counts over 25 years of experience in the Insurance Industry. Prior to joining HNB General Insurance Limited, he has led many teams and has held several key positions related to Non-Life at Asian Alliance Insurance PLC, MBSL Insurance Company Limited, Janashakthi Insurance Co. Limited and Eagle Insurance PLC. Jayasundara has obtained foreign exposure through different training programmes and conferences related to General Insurance and specializes in the field of Reinsurance.
Jayasundara is a founding Council Member of The Association of Chartered Insurance Professionals (ACIP) in Sri Lanka. He holds a Master’s Degree in Business Administration from the Cardiff Metropolitan University, UK, an Advanced Diploma in Insurance (ACII – UK) and holds the status of a Chartered Insurer and the Senior Associateship of the Australian and New Zealand Institute of Insurance and Finance.
The Sri Lanka Insurance Institute (SLII) is the premier insurance educational body in Sri Lanka and is in existence for over 40 years. SLII’s main objectives are to instill and maintain the professionalism in the industry whilst encouraging and assisting studies in insurance and to create a social forum for its members.
Driven by an enduring commitment to enhance the scope of insurance in Sri Lanka, SLII has forged several affiliations over the years with recognized international bodies, including The Chartered Insurance Institute of London and the Insurance Institute of India to offer a broad range of recognized qualifications at Certificate, Diploma and Advanced Diploma levels.
In partnering with distinguished educational entities and conduct examinations on behalf of the Chartered Insurance Institute (CII) UK, Insurance Institute of India and the qualifying examination for the insurance advisors on behalf of the Insurance Regulatory Commission of Sri Lanka. The SLII also offers Diplomas and Certificate courses relating to insurance. The Diploma of SLII has been recognized as one of the best Insurance Diplomas in the South Asian Region and the institute has continued its international operations in Maldives as well.
The new council elected for the year 2021/2022
Sithumina Jayasundara – President, Mahendra Weligoda – Vice President, Anushka Jayasinghe – Secretary, Sameera Dharmasena – Assistant Secretary, Kushmalee Amaradiwakara – Treasurer, Chandima Sumanathunga – Council Member, Romesh Modarage – Council Member, Lachini Chithrasena – Council Member, Kusum Thenuwara – Council Member, Saman Kumara – Council Member and Manura Perera – Council Member
‘Dollar reserves in SL plummet drastically, putting the economy in jeopardy‘
By Steve A. Morrell
Sri Lanka’s dollar reserves have declined from $ 7.15 billion in 2019 to $ 2.8 billion currently. The President conceded economic failures although reasons for such failure were not explained, chairman, National Chamber of Industries (CNCI) Canisius Fernando said.
Fernando added recently at a forum: “Forex reserves are insufficient to expedite payment of import bills. More so that cost incurred on container traffic for imports and or exports was on a rising spiral. In comparison to cost of container shipping recorded at $ 2,800 earlier, it is now $ 12,000, indicating a rise in multiples of 250.
“Additionally, the Generalized System of Preferences (GSP +) affecting our trade with EU countries, placed Sri Lanka’s reputation at a risk, meaning that countries could veer away from Sri Lanka prompted by a possible inability to honor our trade commitments. The clear example being trade with the US. Rather than await goods and services transactions with Sri Lanka, that could invariably take three months, US economists and their trade sector opted to transact trade with countries in close proximity to US shores.
“Dearth of container traffic and rising cost for on- loading and off- loading of cargo seriously affect trade imbalances. Consequently, the credit worthiness of the Sri Lankan economy is affected, which in turn seriously affects the GDP.
“Worker wages which were static because of trade shut- downs caused demands for increased wages. Wage demands of Rs 1,500 from employees became a major phenomenon in most sectors. The question at issue was the hypothetical position of business establishments of about 4000 employees demanding increased wages. This would cause closure of those companies resulting in unemployment.
“The proverbial domino effect of such repercussions would cause further chaos in the economy.
“There was no proper policy in most sectors. Suspension of the import of fertilizer and consequent confusion would, in the short run, result in famine and food shortages. Already this was evident in the public panic caused by having to stand in line to purchase essentials. That the crisis is upon us and the question of a quick solution is not feasible in the current context of the economy.
“Foreign investors are lured by the possibility of cheap labour in Sri Lanka to establish their businesses here, but in this instance too, this is only a hypothetical situation but not the reality.”
Supuni Products gives back by way of welfare initiative, helps to uplift the needy patients with chronic illnesses
Supuni Products first started in 2016 when the business proprietor, Supuni Lakmalie along with her husband only had Rs. 150 as investment. With that small amount, they purchased kollu (lentils) and kurakkan and ground them using a grindstone. This was the beginning for them and today, Supuni Products is a booming enterprise that specializes in ground spices and cereal, operating from the town of Nildandahinna, Walapane. Their products are of very high quality and 100% natural and consists of 15 different spice and cereal products including chilli, coriander, turmeric, pepper, curry powder, kurakkan, lentil (kollu) etc.
In 2018, Supuni Products received the opportunity to supply kurakkan flour and cereal to be included into the Poshana Malla, which is a nutrition package prepared for pregnant women, instigated by the government. The success of their business was such that they were able to gain an equity of over Rs. Four million during the past three years.
As part of a welfare initiative, they have also pledged to allocate one rupee for every kilogram of product sold, towards supporting patients with financial difficulties and require emergency surgery and for those with chronic diseases. While having had to run a business in the confines of their own home, the grant offering they received from the enterprise project allowed them to complete construction work of their new factory. She now hopes to expand the business, improve their supply chain, and create new employment opportunities.
Dialog Enterprise offers Dell Technologies Cloud IaaS in Sri Lanka
Dialog Enterprise, the corporate solutions arm of Dialog Axiata PLC, is working with Dell Technologies Cloud Solution Provider (CSP) in Sri Lanka to offer Dell Technologies Cloud Infrastructure-as-a-Service (IaaS) solutions to customers to innovate and scale rapidly, reduce costs and increase performance of business-critical infrastructure.
“Together, with our combined forces, we bring the only hybrid multi-cloud partnership in the country, giving access to private clouds as well as to our existing public cloud, and for on-premises infrastructure, robustly powered by Dell Technologies and VMWare. Envisioning a one-stop multiservice solution for all enterprise requirements, we strive continuously to keep to the changing landscape strengthening the cloud play in the arena,” said Navin Pieris, the Vice President – Enterprise Business and Large Enterprise Sales, Dialog Axiata PLC.
Rather than making capital investments in hardware, storage and servers to maintain them, enterprises can harness and scale IaaS resources when needed, paying only for infrastructure services they consume. Mitigating and allowing for any threat of data loss, the cloud partnership also offers cyber recovery as a service with a guaranteed uptime of 99.95%, end-to-end management of data centers and 24×7 support with zero operational burden on the customer. Ensuring the same standardization, self-service, automation and analytics capabilities that exist in the public cloud, the partnership facilitates secure private clouds for customers along with servers, storage and customized enterprise, private and/or public cloud solutions as required by enterprises.
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