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Sri Lanka: National oil company secures specialist insurance cover

Source: Asia Insurance Review | Feb 2017

Ceylon Petroleum Corporation (CPC), the national oil and gas company of Sri Lanka, has secured new risk reinsurance cover through Crescent Global South Asia (CGSA) which brokered the deal on behalf of the National Insurance Trust Fund (NITF).
   CGSA director Indrajith Fernando said the company has transferred the risk liability of the CPC to A-rated Lloyd’s syndicates and to A-rated underwriters specialising in energy insurance, reported Daily FT.
   “In line with insurance market practices, the local insurer NITF will no longer retain 100% of the risk. The cover in place is not only supported by Lloyd’s markets, but also by leading reinsurers from Singapore, and the global marine and energy insurance market,” said CGSA.
   NITF is a government wholly owned insurer and the only reinsurer in Sri Lanka. It is also the sole provider of health insurance coverage to over one million government employees. It functions as an arm of the state in the implementation of certain policies, such as serving segments that are not covered by commercial insurers. Non-life insurers have to cede 30% of their reinsurance to NITF.
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