• Home
  • About Us
  • Events
  • Submissions
  • Advertise
  • Contact Us
  • NewsVoir
  • Newswire
  • Nasheman Urdu ePaper

Nasheman

India's largest selling Urdu weekly, now also in English

  • News & Politics
    • India
    • Indian Muslims
    • Muslim World
  • Culture & Society
  • Opinion
  • In Focus
  • Human Rights
  • Photo Essays
  • Multimedia
    • Infographics
    • Podcasts
You are here: Home / News & Politics / India / Sri Lanka’s state-owned insurance firm set to incur losses in excess of LKR one billion

Sri Lanka’s state-owned insurance firm set to incur losses in excess of LKR one billion

May 28, 2022 by Nasheman

COLOMBO: Sri Lanka’s state-owned insurance firm may incur losses in excess of LKR 1 billion due to the violent clashes between anti- and pro-government protesters in the country earlier this month, New York-based ratings agency Fitch has said.

The clashes killed at least 10 people, injured over 200 others, and the properties of 78 government parliamentarians faced arson.

State-owned National Insurance Trust Fund Board (NITFB), which provides strike, riot, civil commotion and terrorism cover (SRCCT) to the island nation will bear the brunt of the losses due to the violent clashes, while primary insurers would experience little impact, Fitch said in a statement on Friday.

“We believe gross losses from the riots are likely to exceed LKR1 billion,” the EconomyNext news website quoted Fitch as saying. However, NITFB’s losses will be limited to LKR1 billion, as the insurer can recover the additional losses under its excess loss reinsurance cover of up to a maximum of LKR10 billion.

“NITFB’s net loss will be limited to this amount due to the protection provided by its excess loss reinsurance cover. We expect it to have sufficient liquid assets to meet its claim obligations,” it said.

Primary insurers have net retention of LKR 2.5 million for motor claims under the SRCCT cover with aggregate losses of over LKR 10 million rupees passed onto the NITFB. Non-motor claims are fully passed on to NITFB, subject to any excess borne by the policyholder, it added.

NITFB’s reinsurance cover for SRCCT, which is placed with international reinsurers, is effective from February 2022 to July 2023.

During the violence, irate mobs destroyed several tents and other structures erected at Galle Face and also attacked some of the demonstrators. The violence saw arson attacks on the homes of several politicians, including the ancestral home of the Rajapaksas in Hambantota.

Sri Lanka has been witnessing large-scale protests against the government’s handling of the debt-ridden economy, the worst-ever economic crisis in the country’s history. The country of 22 million is grappling with unprecedented economic turmoil since its independence from Britain in 1948.

The crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.

Share this:

  • Tweet
  • Print
  • WhatsApp

Related

Filed Under: India, News & Politics

About Nasheman

Follow Us

  • Facebook
  • Twitter
  • YouTube

KNOW US

  • About Us
  • Corporate News
  • FAQs
  • NewsVoir
  • Newswire
  • Realtor arrested for NRI businessman’s murder in Andhra Pradesh

GET INVOLVED

  • Corporate News
  • Letters to Editor
  • NewsVoir
  • Newswire
  • Realtor arrested for NRI businessman’s murder in Andhra Pradesh
  • Submissions

PROMOTE

  • Advertise
  • Corporate News
  • Events
  • NewsVoir
  • Newswire
  • Realtor arrested for NRI businessman’s murder in Andhra Pradesh

Archives

  • May 2025 (9)
  • April 2025 (50)
  • March 2025 (35)
  • February 2025 (34)
  • January 2025 (43)
  • December 2024 (83)
  • November 2024 (82)
  • October 2024 (156)
  • September 2024 (202)
  • August 2024 (165)
  • July 2024 (169)
  • June 2024 (161)
  • May 2024 (107)
  • April 2024 (104)
  • March 2024 (222)
  • February 2024 (229)
  • January 2024 (102)
  • December 2023 (142)
  • November 2023 (69)
  • October 2023 (74)
  • September 2023 (93)
  • August 2023 (118)
  • July 2023 (139)
  • June 2023 (52)
  • May 2023 (38)
  • April 2023 (48)
  • March 2023 (166)
  • February 2023 (207)
  • January 2023 (183)
  • December 2022 (165)
  • November 2022 (229)
  • October 2022 (224)
  • September 2022 (177)
  • August 2022 (155)
  • July 2022 (123)
  • June 2022 (190)
  • May 2022 (204)
  • April 2022 (310)
  • March 2022 (273)
  • February 2022 (311)
  • January 2022 (329)
  • December 2021 (296)
  • November 2021 (277)
  • October 2021 (237)
  • September 2021 (234)
  • August 2021 (221)
  • July 2021 (237)
  • June 2021 (364)
  • May 2021 (282)
  • April 2021 (278)
  • March 2021 (293)
  • February 2021 (192)
  • January 2021 (222)
  • December 2020 (170)
  • November 2020 (172)
  • October 2020 (187)
  • September 2020 (194)
  • August 2020 (61)
  • July 2020 (58)
  • June 2020 (56)
  • May 2020 (36)
  • March 2020 (48)
  • February 2020 (109)
  • January 2020 (162)
  • December 2019 (174)
  • November 2019 (120)
  • October 2019 (104)
  • September 2019 (88)
  • August 2019 (159)
  • July 2019 (122)
  • June 2019 (66)
  • May 2019 (276)
  • April 2019 (393)
  • March 2019 (477)
  • February 2019 (448)
  • January 2019 (693)
  • December 2018 (736)
  • November 2018 (572)
  • October 2018 (611)
  • September 2018 (692)
  • August 2018 (667)
  • July 2018 (469)
  • June 2018 (440)
  • May 2018 (616)
  • April 2018 (774)
  • March 2018 (338)
  • February 2018 (159)
  • January 2018 (189)
  • December 2017 (142)
  • November 2017 (122)
  • October 2017 (146)
  • September 2017 (178)
  • August 2017 (201)
  • July 2017 (222)
  • June 2017 (155)
  • May 2017 (205)
  • April 2017 (156)
  • March 2017 (178)
  • February 2017 (195)
  • January 2017 (149)
  • December 2016 (143)
  • November 2016 (169)
  • October 2016 (167)
  • September 2016 (137)
  • August 2016 (115)
  • July 2016 (117)
  • June 2016 (125)
  • May 2016 (171)
  • April 2016 (152)
  • March 2016 (201)
  • February 2016 (202)
  • January 2016 (217)
  • December 2015 (210)
  • November 2015 (177)
  • October 2015 (284)
  • September 2015 (243)
  • August 2015 (250)
  • July 2015 (188)
  • June 2015 (216)
  • May 2015 (281)
  • April 2015 (306)
  • March 2015 (297)
  • February 2015 (280)
  • January 2015 (245)
  • December 2014 (287)
  • November 2014 (254)
  • October 2014 (185)
  • September 2014 (98)
  • August 2014 (8)

Copyright © 2025 · News Pro Theme on Genesis Framework · WordPress · Log in