Scout’s Honour

Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part of the Rs. 10 bn tidal wave claims. Sri Lanka’s tsunami struck insurance industry has opted not to dip into the treasury controlled strike terrorism and riot cover fund, to settle part of the Rs. 10 bn tidal wave claims. Instead, individual firms will go it alone, with most insurers expected to partially settle claims having earthquake and flood, says Nimal Perera, President of the Insurance Association of Sri Lanka.

Prime Minister Mahinda Rajapakse, who met with CEO’s of the 14 insurance companies on Wed., had also asked firms to go an extra mile.

Sources at the meeting said that heads of Ceylinco Insurance and Sri Lanka Insurance had promised to honour all claims. But chiefs of other insurance firms, promised to help out in some small way, besides fully honoring claims for earthquake and flood cover.

Meanwhile, HNB Assurance said Fri that they will meet 50 percent of a claim, if it does not carry a flood cover.

“Regardless of the number of years, we are prepared to meet 50 percent of a claim on motor vehicles and the s