Need to increase insurance penetration in Sri Lanka
View(s):At the recently held Sri Lanka Insurance Brokers Association (SLIBA) AGM in Colombo, the newly elected President Ainsley Alles urged all stakeholders to recognise and support the insurance industry’s vital role in Sri Lanka’s economic restructuring efforts following the devastation of Cyclone Ditwah.
He emphasised that brokers, regulators, and industry partners must work together to ensure the sector receives its due place in rebuilding resilience and safeguarding livelihoods, according to a media release by the SLIBA.
At the AGM, outgoing President Pritha Fernando handed over the reins to Mr. Alles for the financial year 2025/26.
The newly elected SLIBA Council comprises Vice President; Adel Hashim; Honorary Secretary; Ms. Roshini Silva; Honorary Treasurer; Suresh Motha and Council Members; Niranjan Manickam, Sujeewa Vidanapathirana, Nirosh Gooneratne, Rukshan Gunasekera, and Indrajith Fernando. Mr. Pritha Fernando will continue to support the Council as Immediate Past President.
Mr. Alles pronounced that the guiding theme for his tenure will be “Sustainable Growth and Professionalism.” He emphasised the critical role brokers can play in improving Sri Lanka’s insurance penetration ratio, which currently stands at less than 2 per cent of GDP.
To achieve this, SLIBA will look at various growth strategies and prioritise training and knowledge-sharing sessions to elevate professional standards. The role of the Council will be strengthened by four advisory subcommittees; Technical & Education, Ethics & Grievances, Communications & Membership Development and Legal & Compliance.
The SLIBA Council outlined several initiatives to strengthen the association and its service to members, such as establishing a permanent secretariat, formalise registration of SLIBA with the Registrar of Companies, preserve institutional memory by collating historical documents, support compliance with Anti Money Laundering and Terrorism Funding and other regulatory directives and fellowship and engagement activities.
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