Financial Times

Lanka shippers seek lower insurance premiums


The Sri Lanka Shippers’ Council (SLSC) is seeking a ratings upgrade from Lloyd’s of London, the world’s leading insurance vendor, in an effort to bring down high insurance premiums. At a press briefing this week to announce that Sri Lanka will host the Asian Shippers Council (ASC) Annual General Meeting in Colombo in August, Convener of the ASC Rohan Masakorala said the Sri Lankan embassy in London has already written to Lloyd’s for a reassessment of its ratings in the post conflict era.

Mr. Masakorala spoke on the significance of Sri Lanka hosting the ASC AGM which is the first time the forum will be held outside of South East Asia. He also said the SLSC is the first organization to host something this big after the end of the war. The ASC integrates shippers’ councils in all of Asia into a single entity and covers five geographical regions including China, the Indian Subcontinent, North East Asia, Oceania and South East Asia. Around 18 countries are expected to attend.

Mr. Masakorala said Sri Lanka will be positively highlighted worldwide for hosting the programme. He said one of the main objectives of the SLSC is to boost Sri Lanka’s image and to brand the country as a regional hub using the event. Issues that are expected to be discussed range from regional security to terminal handling charges, regional port issues and anti-competitive issues.

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