“It is the responsibility of all stakeholders to encourage the general public on the importance of insurance and to improve people’s confidence in insurance and change the general perception towards having an insurance cover. Young people, in particular, do not give priority to insurance in their expenses, which is why the industry really needs to look at how we can create appropriate products that will be beneficial to the customer. On the other hand, we also need to address the insurance needs of the ageing population in Sri Lanka”.
Following is a Q&A with, Insurance Regulatory Commission of Sri Lanka Director General Damayanthi Fernando:
Q:What are the plans of the IRCSL this year?
A: The IRCSL’s role has been enshrined in the Regulation of Insurance Industry Act, No. 43 of 2000, which requires the regulator to ensure that insurance businesses in Sri Lanka is carried out with integrity and