NITF to invest Rs 1 b on 300 wards

Indunil HEWAGE

In a bid to facilitate the Agrahara medical insurance policy holders, National Insurance Trust Fund (NITF) will invest Rs one billion to construct 300 Agrahara hospital wards in state hospitals by 2016.

NITF Chairman Senaka Abeygoonasekara said another Agrahara ward which can accommodate 200 patients at any given time will be built on a 40-perch land at the Kalubowila Teaching Hospital and NITF is waiting for authority clearance to commence construction work.

Commenting on the present status of the insurance industry in Sri Lanka, Abeygoonasekara said there is an enormous potential for the industry to grow in the face of ongoing development initiatives taking place in the country. NITF has already received several inquiries from some Fortune 500 companies to provide them insurance coverages.

NITF generated Rs 4.2 billion revenue in 2010 indicating a growth of 15%.

NITF will expand its branch network by adding another five branches in Sri Lanka shortly.