Insurance Board of Sri Lanka, (IBSL) Chairperson Indrani Sugathadasa said the insurance industry of Sri Lanka is heavily dependent on the motor insurance industry which constitutes more than 60%.
Speaking at the General Insurance Sales Congress (GISC) held for the first time at the Water’s Edge, Sugathadasa said it is obvious that the industry needs to establish itself within the public.
The event focused on improving the situation of the General Insurance industry.
“There are many people who do not fully trust the insurance industry and there is a lack of loyalty and an overall lack of education about the industry. However insurance is a necessity for today’s public. Yet our growth in other sectors are marginal for an example the insurance for fire only amounts to10%, and miscellaneous insurance which includes health had only penetrated the market up to 20%,” Sugathadasa said.
Dr. Christian Bartsch from Munich Re in his address to the audience stated that though the insurance industry in Sri Lanka seemed to be fairing well the global market was very much under pressure. He stated that the fierce competition in market, the on going low interest, shrinking or stagger in premature in developed market, excess capital that is not utilised are some of the reasons that can drive the situation towards innovation.
Speaking at the General Insurance Sales Congress (GISC) held for the first time at the Water’s Edge, Sugathadasa said it is obvious that the industry needs to establish itself within the public.
The event focused on improving the situation of the General Insurance industry.
“There are many people who do not fully trust the insurance industry and there is a lack of loyalty and an overall lack of education about the industry. However insurance is a necessity for today’s public. Yet our growth in other sectors are marginal for an example the insurance for fire only amounts to10%, and miscellaneous insurance which includes health had only penetrated the market up to 20%,” Sugathadasa said.
Dr. Christian Bartsch from Munich Re in his address to the audience stated that though the insurance industry in Sri Lanka seemed to be fairing well the global market was very much under pressure. He stated that the fierce competition in market, the on going low interest, shrinking or stagger in premature in developed market, excess capital that is not utilised are some of the reasons that can drive the situation towards innovation.
www.dailynews.lk
No comments:
Post a Comment