Mrs Indrani Sugathadasa, Chairperson of the Insurance Commission of Sri Lanka (formerly Insurance Board of Sri Lanka), has decided to step down from the post she has been holding since May 2010.
Under her dynamic eight-year leadership, the Sri Lankan industry has witnessed major changes and path breaking regulations, enabling growth and ensuring long term sustainability of the industry.
Mrs Sugathadasa handled the transition of the industry from a rules-based capital regime to a RBC supervisory regime in 2016. She introduced legislation for splitting composite insurers into separate life and non-life entities. This rule came into effect in 2015 causing huge challenges for companies who had to re-allocate staff, recruit new employees and set up new operational units for two different entities within the same group. Overall, this move has benefited the industry which has seen positive growth since then.
The industry GWP stood at LKR 143 billion (US$982 million) in 2016 and between 2010-16 the industry GWP recorded a CAGR of 14%.
In addition, under Mrs Sugathadasa's leadership a number of steps were initiated to popularise and improve the standard of insurance services in Sri Lanka. After much lobbying from the insurance regulator, the Sri Lankan government has declared 1 September as National Insurance Day.
Apart from her passion to introduce some of the world’s best practices to improve the current standards of the insurance industry in Sri Lanka, Mrs Sugathadasa is also a keen supporter of microinsurance, which she feels is key to bringing affordable insurance products to the poor.
Mrs Sugathadasa joined the insurance regulator after a 35-year stint with the Sri Lanka Administrative Services where she held various positions, including as director, National Youth Services Council; director, Women’s Bureau; permanent secretary, Ministry of Child Development and Women’s Empowerment; permanent secretary, Ministry of Plantation Industries; and chairperson, Securities and Exchange Commission of Sri Lanka. She has a bachelor’s degree in Social Sciences from the University of Colombo and a MBA/MPA from Monash University, Australia. She was awarded the Hubert H. Humphrey Fellowship (Fulbright) by the US in 1990.