Sri Lanka: State-owned reinsurer extends accident cover in terrorism fund
Source: Asia Insurance Review | Jul 2019
Sri Lanka’s state-owned reinsurer, the National Insurance Trust Fund (NITF), has decided to extend the personal accident (PA) cover of the strike, riot, civil commotion and terrorism fund (SRCC&T Fund) to riot and terrorism risks for inbound tourists.
The decision was made in response to requests from the travel and insurance industries following the Easter Sunday (21 April) attacks on churches and high-end hotels, reported Colombo Page. The SRCC&T Fund is managed by the reinsurer.
The SRCC and terrorism cover, which will be available up to LKR100m ($565,000) per person under currently applicable premium rates, will provide cover in the event of death or total permanent disability as a consequence of a riot or terrorism act during their stay in Sri Lanka.
NITF board chairman Manjula de Silva said the cover can be obtained from any licensed general insurance company as an extension to any other travel, medical or PA policy that is purchased from the said insurance company.
The demand for SRCC&T insurance in the country has surged after the April 21 bombings that killed over 250 people, he said.
According to insurance sector representatives there has been a rapid increase in requests for ‘add-ons’ for SRCC&T insurance cover especially from the corporate sector. A