‘Insurance companies need to create awareness’
In Sri Lanka only 25 percent of the labour population is insured and
it has to show at least a 80 percent growth in the next five years, Sri
Lanka Institute of Insurance (SLII) President Deepthi Lokuarachchi told
Daily News Business.
Speaking at the opening of Sri Lanka Insurance Institute Auditorium
he said that insurance companies need to create awareness among the
public and develop the level of confidence in them on the benefits of
having an insurance policy.
As a result of a lot of new companies entering the market the rates
are decreasing and number of claims are on the rise. These are the main
challenges in the insurance industry today and the insurance companies
have to be self disciplined and think of the problem practically.
With regard to life insurance policies he said that unlike in
developed countries people in Sri Lanka are not seriously concerned of
having a life insurance policy due to various reasons but it is again
the responsibility of the companies to attract them through awareness
programs as a industry in the forefront.
Insurance Association President Manjula De Silva said the insurance
industry is worth Rs 56 billion today with more than 20,000 people
It could be the super brand of the future. However, the industry has
not been able to provide a sufficient number of professionals required
by the industry. Therefore industry people in the retirement age have to
contribute for a further period.
There are 19 licensed insurance companies in the country at present.