Sri Lanka insurance claims may reach Rs5.0bn: Finance Minister

ECONOMYNEXT – Insurance claims from the household and small businesses may reach 5 billion rupees with two largest insurers already receiving claims for 2.9 billion rupees, Finance Minister Ravi Karunanayake said.

State-run Sri Lanka Insurance Plc had already received claims of 1.6 billion rupees and private listed Ceylinco Insurance had got claims of 1.2 billion rupees, he said.

Claims in the household and small claims may reach 4 to 5 billion rupees, he told Sri Lanka’s Foreign Correspondents’ Association in Colombo.

Some large private companies had also suffered damage running several billions of rupees, he said.

Sri Lanka’s households and smaller businesses are not widely insured against flood, but many motor vehicles are covered.

Minister Karunanayake said the government had also bought a policy that would pay a cash advance to uninsured victims but the total payout was limited to 10 billion rupees for an event.

He said total reconstruction costs of houses and small businesses damaged in the flood has been estimated at around 1 to 1.7 billion US dollars.

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