IBSL mulls academy for insurance agents
Lumbini Edirisinghe
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Chairman IBSL Udayasri Kariyawasam and Director General Lasinee
Serasinhe at the conference
Picture by Saliya Rupasinghe
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The Insurance Board of Sri Lanka (IBSL) will open an academy shortly,
for insurance agents to conduct a diploma programme with assistance from
the Insurance Brokers Association.
IBSL is now in the process of discussing with two local universities
to conduct degree programmes on the insurance sector to enhance the
standard of insurance agents, IBSL Chairman Udayasri Kariyawasam told at
a media conference yesterday.
“At present 15 insurance companies and 52 insurance brokering agents,
which has 619 affiliated branches operate throughout the country and
they have obtained the membership of the IBSL.
“This new academy will pave the way to enhance skills and knowledge
of insurance agents in the future,” he said.
He said around 25 per cent of the workforce have got insurance
policies. “This is not very impressive and there is room to expand,” he
said. The largest area where most policies are sold is the in the
motorbike field.
The objective and the responsibility of the Board is to ensure that
the insurance business in Sri Lanka is carried out with integrity and in
a professional and prudent manner with a view to safeguarding the
interest of the policyholders and potential policyholders. IBSL was
established under the Regulation of Insurance Industry Act No 43 of
2000, which will be responsible for the development, supervision and
regulations of the insurance industry.
Net profit from the Insurance sector (before tax) last year was Rs.
3.3 billion and profit after tax it stood at Rs. 931 million and with
more policies to be issued this year this number is expected to
increase. |
