President's Message

It is my pleasure to present the President’s Report to the 22nd Annual General Meeting of the Insurance Association of Sri Lanka (IASL) enumerating the activities carried out during the period April 2010 to March 2011.

The Executive Committee had 13 Committee Meetings during the period under review. Further, the General Insurance Forum (GIF) and the Life Insurance Forum (LIF) had monthly meetings and forwarded their minutes for the consideration of the Executive Committee. The Finance Technical Sub Committee (FTSC) also had meetings, whenever a need arose. In addition, two new sub-committees that were formed in the year under review also met several times. These are the Legal Advisory Forum (LAF) and the IT Sub Committee (ITSC).

The year 2010 saw the insurance industry bounce back strongly to record a 30% growth in Life Insurance and a 12% growth in General Insurance. This can be considered a remarkable recovery considering the growth rates of 0.7% and -3.1% recorded for Life and General Insurance respectively in the year 2009. The improved macroeconomic environment, coupled with timely actions taken by the industry to overcome challenges faced has enabled this excellent performance.

One more insurance company obtained a license from IBSL during the year under review increasing the number of licensed insurance companies from 18 to 19. With the National Insurance Trust Fund (NITF) also being brought under the Regulation of Insurance Industry Act, the number of insurance companies operating under the purview of IBSL has increased to 20. Of these, 18 are members of IASL. It is expected to invite the two new entrants (LOLC Insurance and NITF) also to join IASL in the near future.

I take this opportunity to thank the Chairperson and the staff of the Insurance Board of Sri Lanka for their constant guidance. Further, I wish to convey my appreciation to the Insurance Ombudsman, President and the Council of Sri Lanka Insurance Institute, President and Executive Committee members of the Sri Lanka Insurance Brokers Association and the Chairman, Secretary General and staff of the Ceylon Chamber of Commerce for the cooperation and support extended to IASL during the period under review.

In exclusion, I thank the Vice President, Secretary, Treasurer, Past Presidents, ExCo members, Chairpersons and members of GIF, LIF, FTSC, NAFLIA, ITSC and LAF committees and all others from member companies who have supported me wholeheartedly during my two year tenure as President to achieve the objectives of the association during this period. I wish the new team of office bearers all success!


Manjula de Silva
President
Insurance Association of Sri Lanka