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| Tuesday, 04 January 2005 |
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Tsunami to test people's confidence in insurance The Tsunami disaster has provided Sri Lankans an opportunity to get a clear picture of various insurance companies on how genuinely they come to their rescue in their time of need. Analysts said that people's confidence in these companies will depend on how humane and compassionate these companies are as far as helping the people affected by this unprecedented catastrophe is concerned. At present the public has not got a clear idea of the response of the insurance companies towards settling claims of people who are affected by this disaster. Although, the companies are bound to settle claims of life policy holders it is still uncertain whether the claims for loss and damage on property and vehicles will be settled by the companies. However, most insurance companies the Daily News spoke to yesterday said that they would even go out of the way in order to compensate their policy holders even though they are not covered for losses caused by a Tsunami. Dr. Lalith Kotelawala, Chairman Ceylinco Consolidated said last week that while ensuring that all the policy holders of Ceylinco Insurance who were affected by Tsunami his company would also help them in every other possible way to uplift their lives. He told the Daily News yesterday that his main aim was to put people in business again and for that purpose all companies under the Ceylinco Group will join hands. C.T.A.Schafter, Chairman Janashakthi Insurance said although there is a strong element of doubt on liability as far as damage to property is concerned the company will propose to pay. "When it comes to motor vehicle there is no liability. However, the industry will discuss this issue with the Government," he said. Chaminda de Silva, Head of Corporate, Sri Lanka Insurance said although the decision to pay or not to pay is at his company's discretion they will go out of their way to compensate those who are affected. |
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