Business
Beyond Protection: How Motor Insurance boosts industries and the economy
Traffic congestion, capacity constraints and sweltering heat make travelling in public transport a stressful and draining experience in Sri Lanka. Vehicle ownership largely eases these difficulties and brings peace of mind to motorists. However, with the convenience of vehicle ownership comes an added level of responsibility for the safety of the passengers, fellow motorists, and pedestrians.
Per capita, Sri Lanka has one of the highest road accident rates in South Asia with 8 to 9 people killed due to road accidents per day, an average of 40,000 crashes annually resulting over 3,000 deaths and 8,000 to 9,000 serious injuries. According to Sri Lanka Police, in the first four months of 2023 alone, there were 667 road accidents in the country which led to the deaths of over 700 persons. The Ministry of Health reported that annual economic loss from road traffic crashes range from Rs.200 billion to Rs. 300 billion (2% to 3% of GDP). The lack of discipline of motorists and narrow roads contribute to most minor accidents, while speeding, particularly on long distance travel, results in many lives being tragically lost. It is evident that prevention and control measures have not been effective due to the uncoordinated nature of road safety programs and initiatives.
These nearly inevitable risks associated with vehicle ownership are what have made motor insurance a crucial safeguard for vehicle owners. Motor insurance was devised over a century ago in the developed world. In Sri Lanka, motor insurance has been legally mandated through the Motor Traffic Act, and third-party insurance cover is a minimum requirement under this act for all vehicles.
Third-party liability coverage is one of the most important aspects of motor insurance, as it covers bodily injury, death, or property damage caused to others by the insured vehicle. This protects pedestrians and other vulnerable road users in Sri Lanka by ensuring they receive compensation in case of accidents caused by insured vehicles. Victims of serious accidents benefit particularly, as motor insurance facilitates timely compensation and medical assistance to them, often saving lives.
There are broadly two classes of motor insurance –comprehensive insurance and third-party liability. Comprehensive motor insurance offers extensive coverage for the insured vehicle, including damages caused by accidents, theft, fire, and natural disasters, whereas the third party policy only provide coverage to third party bodily injuries and property damages.
Beyond these motor insurance classes, there are several types of motor insurance available in Sri Lanka, designed for privately owned cars, motorbikes, three-wheelers, commercial vehicles, agri-vehicles and public transportation.
Private Car Insurance is tailored for privately owned cars and offers coverage for accidental damages, theft, and other unforeseen incidents. Off-Road Vehicle Insurance protects four-wheel-drive vehicles used for off-road travel, covering damages and potential risks specific to such activities. Vintage and Classic Car Insurance is a specialized insurance which preserves the unique value and historical significance of vintage and classic cars.
Three-wheeler Insurance protects three-wheelers against accidents and liabilities while providing peace of mind for drivers and passengers. Motorcycle Insurance is designed specifically for motorcycles and offers coverage for damages to bikes and liabilities arising from accidents.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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