Sri Lanka's uninsured flood victims covered by state insurance: Ravi
May 25, 2016 15:22 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka's uninsured flood and landslide victims can submit claims to the disaster management office to get compensation under an insurance policy recently bought by the government, Finance Minister Ravi Karunanayake said.
Karunanayake said Sri Lanka's state-run National Insurance Trust Fund (NITF) had obtained a cover which will pay up to 10 billion rupees to disaster victims, under budget proposal made this year.
A 300 million rupee premium for the cover had been paid shortly before floods hit the country, he said.
Karunanayake said uninsured victims can lodge claims with the Disaster Management Office as a first step.
However not all the losses will be covered by the inurance, he said.
Crescent Global, an insurance broking group said last week that it had re-insured the cover with, A, AA rated global insurers.
NITF Chairman Manjula de Silva was quoted as saying that the catastrophic insurance could settle claims up to 2.5 million for any uninsured property and 100,000 rupee for any death of a Sri Lanka citizen due to natural perils.
Fishermen would be covered for million rupees for death.
Recent floods in Colombo had caused losses of around 1.5 billion US dollars, Karunanayake said. Sri Lanka was seeking international assistance for reconstruction. (Colombo/May25/2016)