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Monday, 13 September 2010

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‘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 involved.

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.

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