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Last Updated : 2024-04-24 11:42:00
18 June 2014 04:28 am - 0 - {{hitsCtrl.values.hits}}
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he period of transition Sri Lanka’s economy is currently in where low interest rates and single digit inflation is factoring in, presents the country’s insurance industry immense opportunity to grow their business and introduce new products, Central Bank Governor Ajith Nivard Cabraal said.
Governor Ajith Nivard Cabraal sees consolidation in Sri Lanka’s insurance industry following the segregation of the operations of composite insurers into Life and General by 2015. “This is already happening in the financial sector where non-banking financial institutions are encouraged to merge. Similarly, policies in insurance may be on the cards,” Cabraal noted. “I like to see bigger and more stable insurance companies. People will be more discerning as they will not only evaluate the insurance products but also will look at the person who is offering them,” he added. Cabraal further identified the segregation as a “good thing” that can grow the country’s insurance market and encourage consolidation. |
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