Business
Sri Lanka Insurance posts a record Rs. 43 billion 2021 GWP
Sri Lanka Insurance Corporation (SLIC), the leading player in Sri Lanka’s insurance industry closed 2021 on a high note posting a record GWP of Rs. 43 billion on all classes of business in the teeth of current challenges, a company news release said.
The year saw 14% growth in life insurance premia, up to Rs.21.9 billion, while general insurance reported 5.4% growth in premium value totaling to Rs. 21.2 billion despite stagnant market conditions, the release said.
“The company achieved a combined Gross Written Premium (GWP) growth rate of 9.7% during the year. Life insurance contributed 51% to total GWP and General Insurance 49%.
Marking 60 years of excellence as the insurer of the nation, SLIC recorded many remarkable achievements during year 2021 including (yet again) the highest Life Insurance bonus in the industry of Rs. 8.6 billion, the release said.
The insurer was able to produce 189 MDRT (Million Dollar Round Table) members with five COT (Court of Table) and one TOT (Top of Table) member at the MDRT conference 2021 marking a historic milestone as the highest ever representation from Sri Lanka Insurance.
“In 2021 Sri Lanka Insurance upheld leadership in the country’s general Insurance and motor Insurance sectors while introducing multiple innovative motor insurance products that cater to the unique needs of customer in the motor insurance market,” the release said.
“Further, SLIC was recognized with many awards and accolades in the year. topping many aspects in the Brand Finance report on Sri Lanka’s Most Valuable Brands 2021 edition” including The Most Loved Insurance Brand of the year and the Most Valuable General Insurance Brand of the year, the release said.
These prestigious titles were carried for the fourth consecutive year. Also, SLIC Life recorded the highest brand value growth among the Life Insurance brands in Sri Lanka and was also recognized as a ‘Great Place to Work” in Sri Lanka in 2021, reiterating the company’s commitment towards developing and empowering employee relationships at the workplace, the release said.
It added that it had explored avenues to broaden the protection to communities serving different market segments, age groups and affinity groups through product and market development initiatives.
These included SLIC Speed Investment and SLIC Early cash and SLIC Minimuthu life insurance products that were relaunched understanding and catering to a new generation of SLIC clientele.
“Nagaraja” an exclusive medical insurance cover was also launched as the first product designed in the country to provide protection for Buddhist clergy and their family members and “Motor Plus Commercial” was launched with unique features to complement the needs of commercial vehicle users, it added.
“SLIC has been making steady progress in transforming its operational architecture and front end customer interfaces to ensure digital integration with a Mobile App introducing many enhanced features to constantly evolve with the consumer needs. This proved to be a significant tool during the pandemic period, the release said.
“The motor claim settlement process has undergone a major re-engineering process to facilitate fast-track and contactless claim settlements to customers. SLIC also increased the digital integration with other service providers to expand the number of payment platforms available to customers enhancing the accessibility and switching to contactless mode to ensure health and safety guidelines. The ‘Work Flow Management System’ is transforming all internal manual and paper-based operations to digital-driven systemized operations.”
Commenting on the excellence achieved during the year SLIC Chairman Eng. Vijitha Herath noted “The past year has been a testing time which compelled us to embrace changes and respond to challenges. As a State-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since inception and we have aligned our corporate goals with the country’s development goals. We have pledged to safeguard the nation by delivering exceptional insurance service and today we have become an icon of excellence in the industry exploring avenues to expand protection across every corner of the island.
“We continue to bring a sense of protection to millions of Sri Lankans with our stable financial performance and service enhancement. We reiterate the trust gathered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving ourself to conquer greater heights.”
Chief Executive Officer Chandana L. Aluthgama noted, “Operating in a very competitive landscape we have demonstrated our resilience again with the excellent and sustainable achievements during 2021. We have evolved to be a beacon of light during the turbulent times safeguarding the nation. As we celebrate the 60 years of excellence we are gearing up to keep the positive momentum with our prudent and sustainable strategic initiatives.”
He added they were heading towards an era of transformation and will continue to grow through strategic investments and diversification, internal efficiencies and productivity improvements.
“We were able to raise the bar for the insurance industry with these achievements made possible by the unwavering support and commitment of the management and staff, specially the sales force, guided by the Chairman and the Board of Directors of SLIC.”
Business
Advocata Institute highlights regulatory barrier limiting women’s overtime earnings
Advocata Institute says that, a regulatory barrier prevents Sri Lankan women achieving pay parity with their male counterparts despite recent legislative amendments that have opened doors for women to work night shifts.
Despite the 2024 and 2026 liberalizations of the Shop and Office Employees Act (SOEA), which allowed women over 18 to work night shifts in IT, BPO, and hospitality sectors, women remain legally barred from maximizing their income due to rigid overtime restrictions.
Under current regulations, women cannot be employed under the Shop and Office Act for more than nine hours per day, a limit that strictly includes overtime. While Regulation 6 of the Act permits up to twelve hours of overtime per week, this daily “hard cap” creates a practical barrier that prevents women from accessing the full overtime entitlement available to male workers. This creates a regulatory paradox: while the law now permits women to work at night, it simultaneously restricts them from working the hours necessary to take home the same pay as a man performing the same role.
The urgency for reform is underscored by the Sri Lanka Labour Force Survey for the third quarter of 2025, which reveals a significant participation gap. Female labour force participation stands at 33.9 percent, compared to 68.6 percent for men. Closing this gap is a key structural reform priority under Sri Lanka’s International Monetary Fund Extended Fund Facility (EFF) programme, which highlights the importance of modernizing labour laws to expand labour supply and support long-term economic growth.
Debates on reforming these restrictions are often framed around the concern that removing gender-specific protections could expose women to exploitation. However, a woman’s vulnerability in the labour market is shaped less by the absence of gender-specific laws and more by structural challenges such as inadequate public transport, poor workplace infrastructure, weak enforcement of law and order, and limited access to childcare.
Addressing these underlying barriers is critical to ensuring both protection and opportunity. True empowerment requires shifting the focus from paternalistic hour-caps to creating a safe, gender-neutral environment that allows women the agency to maximize their earnings and contribute fully to the national economy.
Business
Drifting lubricant barrels trigger oil spill on southern coast; 99% of clean-up completed
Authorities have traced the oil contamination reported along sections of the Hikkaduwa and Peraliya coastlines in the Galle District to drifting barrels of industrial lubricant, while rapid response teams have already removed almost all visible oil deposits from the affected beaches.
The Marine Environment Protection Authority (MEPA), together with the Sri Lanka Coast Guard, launched an immediate response after oil patches were detected along about a 20-metre stretch of coastline in the Hikkaduwa and Peraliya areas.
Addressing a media briefing at the Ministry of Environment, MEPA Chairman Samantha Gunasekara said emergency shoreline clean-up operations began on March 7 under the instructions of Environment Minister Dammika Patabendi.
“Nearly 99 percent of the oil patches have already been cleared from the affected coastal stretch,” Gunasekara said, adding that the swift intervention by authorities had prevented the incident from escalating into a wider marine pollution crisis.
Investigations carried out by MEPA have confirmed that the contamination originated from barrels containing Shell Corena S2 P 100 lubricant oil that had apparently been lost at sea and later drifted ashore.
The lubricant manufactured by Shell plc is commonly used to lubricate the internal components of reciprocating piston air compressors. Officials said the substance is not classified as a hazardous or toxic oil, easing initial fears of severe environmental damage.
MEPA General Manager Jagath Gunasekara said monitoring of the coastline was continuing to ensure that no additional oil patches washed ashore.
Meanwhile, the Department of Wildlife Conservation said there had been no confirmed reports of harm to marine animals, including sea turtles and coastal wildlife, following inspections in the affected areas.
Wildlife officials said they were continuing to keep the situation under close observation to ensure that marine fauna along the southern coast remained safe.
Authorities stressed that protecting the ecological integrity of the southern coastal belt—particularly around the Hikkaduwa marine area—remains a priority, while further investigations are under way to determine how the lubricant barrels ended up drifting in Sri Lankan waters.
By Ifham Nizam
Business
Support for psychological well-being: Launch of telemedicine psychology program in response to Ditwa Cyclone
The Sri Lanka College of Psychiatrists has launched an innovative telemedicine psychology program designed to provide essential support and mental health care to individuals adversely affected by the Ditwa Cyclone. This initiative is a vital response to the psychological challenges faced by the community in the aftermath of the disaster.
However, the implementation of this program has faced significant obstacles, primarily due to a considerable lack of access to smart devices among the target beneficiaries. Recognizing the urgency of this situation, S-lon Lanka (Pvt) Ltd has made a commendable contribution by donating tablet devices through its corporate social responsibility initiative, the “Suwasahana Charika” Program. This generous donation aims to bridge the technological gap, ensuring that individuals in need can access the psychological services offered by the telemedicine program.
The collaborative efforts were strengthened during a recent event that was attended by key figures, including Mr. S.C. Weerasekara, the Group Director / Chief Operating Officer of The Capital Maharaja Group, and Dr. Dashanthi Akmemana, the Chairman of the Sri Lanka College of Psychiatrists.
The Sri Lanka College of Psychiatrists expressed its gratitude to S-lon Lanka for its support and is committed to addressing the community’s mental health needs during this challenging time.
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