Over its blitz to engage members of the public and raise awareness of insurance in the Northern Province, Sri Lanka's insurance regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL), iterated its commitment to upcoming initiatives.
These include:
- Digitalisation of motor insurance through the introduction of e-cards.
- Development of an Insurance Repository in collaboration with the Credit Information Bureau.
- Introduction of affordable, high benefit, simplified insurance products.
- Reduction of premium payment warranty periods to 30 days from 1 January 2026.
The Chairman of IRCSL, Dr W.A.R. De Mel, also emphasised the importance of insurance as a financial tool for managing risk, while ensuring protection and stability, according to a statement released by the regulator.
He also highlighted the benefits of life insurance in securing protection for loved ones, income replacement and retirement planning, as well as the importance of general insurance in safeguarding against accidents, natural disasters, vehicle damage and promoting quality healthcare.
Lastly, Dr De Mel stressed that premiums can be tailored to suit different financial capacities, making coverage accessible and affordable for all.