Business
Insurance Industry in fast mode to create value to the emerging needs of the modern consumer
The Insurance Association of Sri Lanka (IASL) commemorates ‘Insurance Month’ in September every year along with the enthusiastic participation of its member companies.1st September was declared as National Insurance Day by the Government of Sri Lanka in 2017. Commencing this year’s Insurance Month from 1st September, IASL will drive its awareness campaign under the theme ‘Staying aware is staying protected’, to stress the importance of insurance protection as an essential safety net in the event of unprecedented crises as was experienced during the pandemic and the economic crisis.
The industry is committed to adopt to new trends and best practices of the global insurance industry. Latest being the IFRS17 (International Financial Reporting Standard) which is an accounting standard that will fundamentally change the financial reporting of the industry. The Sri Lanka Insurance industry will go live with this system in January 2025.
As the apex body of the insurance industry in Sri Lanka, IASL harnesses all its resources to champion the significance of insurance amongst the general public across many communication platforms, including electronic, print, digital and social media. The insurance industry fields a vast sales force which also promotes insurance amongst the general public. Insurance advisors representing all Insurance companies will be carrying out special awareness programs across the Island to create awareness on the importance of being insured during the month of September.
Commenting on the Insurance Month in September, Razik Zarook P.C, Chairman of the Insurance Regulatory Commission of Sri Lanka says: “In response to changing market conditions and emerging technologies, the insurers will need to adopt transparent, consumer-centric practices, ultimately fostering trust, and offer innovative and flexible products that meet the evolving needs of consumers.”
“In the face of the unprecedented challenges encountered in recent times, the insurance industry has demonstrated its unwavering commitment to serve society with resilience, empathy, and innovation. Today, the insurance industry is meeting the emerging needs of the population by keeping in mind the evolving economic situation. Whether it was the devastating impacts of economic instability, natural disasters, a global pandemic that affected us all, or the ever-evolving risks in the digital landscape, the insurance industry has displayed remarkable adaptability”, says Damayanthi Fernando, Director General of the Insurance Regulatory Commission of Sri Lanka.
The President of the Insurance Association of Sri Lanka, Chandana L. Aluthgama firmly believes that awareness on the importance of Insurance among the general public is key for people to identify insurance as a priority. “We believe that every citizen in this country needs to be insured and we work tirelessly to make it a reality as individual companies and as an industry,” he says.
“Whilst we firmly believe that ‘Insurance for All’ should be a mandate to safeguard the people of the country, we also see the Insurance industry being a catalyst in creating job opportunities and empowering the people of the country”, says Namalee A. Silva, Chairperson – Marketing and Sales Forum, Insurance Association of Sri Lanka.
This year’s Insurance Month has drawn up an exciting events calendar and IASL invites the general public to use this month to gain more knowledge about how insurance can secure their financial future and peace of mind.
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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