In May, Sri Lanka was hit by the worst floods in 27 years which experts believe was a result of climate change. They caused economic losses of over US$2 billion. A disaster insurance scheme undertaken by the Sri Lankan Government and facilitated by the country's sole reinsurer National Insurance Trust Fund (NITF) enabled the Government to promptly respond to the calamity and help thousands of affected citizens. We speak to key stakeholders from the industry to understand how insurance was used as a key mechanism by the government in the disaster recovery process.
By Jimmy John
The new risk-based capital (RBC) framework for the supervision of the insurance industry in Sri Lanka has been tested and refined since 2011 and was fully implemented since the beginning of 2016. Mr Nihal Ramanayake, the former Director Supervision of Insurance Board of Sri Lanka, shares his views on the benefits and challenges facing the industry as a result of this implementation.
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