Business
Life insurance penetration less than 2 per cent of Sri Lanka’s population – SLIC’s new chairman
By Hiran H. Senewiratne
Sri Lanka’s Life insurance penetration is less than 2 per cent of the total population; but the sector has enormous potential to grow. However, the motor insurance sector is doing well because every vehicle owner has to obtain a vehicle insurance policy, newly appointed chairman, Sri Lanka Insurance Corporation Ltd Ronald Perera PC said.
“The insurance penetration level for Life insurance is less than two per cent of the total population. Therefore, we have to go to villages to promote and encourage people to obtain Life insurance policies, especially health insurance cover to provide them with a comprehensive health coverage, especially for young persons who are already employed or engaged in any business, Perera said at an event where he was welcomed by SLIC staff and well- wishers as the 26th chairman of the Sri Lanka Insurance Corporations yesterday. The event was held at Sri Lanka Insurance Corporation head office at Vauxhall Street Colombo.
Perera added: “In the 1980s the insurance field was liberalized, which enabled private and foreign insurance companies to enter the market. Today there are 27 insurance companies in Sri Lanka, out of which Sri Lanka Insurance enjoys the number one position despite being a government entity.
“Government institutions are governed by strict rules and regulations. At times we are not in a position to buy equipment for the company due to those rules. Therefore, we cannot take decisions like any other private or foreign insurance companies. Despite those odds and challenges we were able to maintain the number of position in the insurance field.
“To penetrate the youthful market new innovations and latest technology have to be used, especially driven by health insurance policies, because it enables them to work without fear for their lives.
“This being a competitive industry we have to embrace new technology together with innovations. If not it cannot exist in the market because the technology will overrun the industry, which happened to the Kodak and Polaroid camera industry, which was replaced by digital technology.
“The Sri Lanka Insurance has all the potential to be the largest insurance company with a highly skilled work force and with an excellent brand image.”
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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