The National Insurance Trust Fund (NITF) is Sri Lanka’s national reinsurer and is empowered by the Government to accept 20% compulsory reinsurance cessions from local general insurers. In an exclusive interview with Asia Insurance Review, Dr Lohitha Samarawickrama, Director of the company, speaks about the unique role NITF plays in the Sri Lankan insurance industry.
By Jimmy John
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According to the Insurance Board of Sri Lanka (IBSL) – the industry regulator, the Sri Lankan insurance industry with 22 registered companies has grown 13% year-on-year in the first six months of 2012 in terms of total Gross Written Premiums (GWP). We speak to two players in the market to find out the ground realities and what the future holds for the industry.
By Jimmy John
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Once owned and operated exclusively by the State for more than 40 years, the introduction of a relatively friendly foreign investment regime and an active insurance regulator (IBSL) and ombudsman has resulted in an increasingly international insurance market in Sri Lanka.
By Ms Maria Steeples, Senior Associate, Norton Rose (Asia) LLP
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