Sri Lanka insurer to invest in leisure sector

Feb 01, 2011 (LBO) – Sri Lanka’s state-owned Sri Lanka Insurance Corporation will invest in the fast-growing tourism sector by building a hotel in the island’s southern coast, a senior official said.

“We are in the process of finalizing details for land in Hambantota to build a hotel,” Mohan De Alwis, managing director and chief executive of Sri Lanka Insurance Corporation said.

“The hotel will be managed by Sri Lanka Insurance Resorts and Spas which is in line with the company’s new group concept.”

The insurer is also in the process of expanding its branch network in the north and east of the island.

“By December 31 we had opened a branch in the island’s northern town of Kilinochchi and by March 31 we are looking at opening branches in Mannar, Chenkaladi and Chavakachcheri.

“We already have a branch in Jaffna which was relocated to a more spacious office and Nelliadi in the north. This makes it six branches.”

De Alwis says the insurance company is looking to increase turnover to 18 billion rupees this year from 15 billion rupees in December 2010.

He says with the end of the 30-year ethnic conflict in 2009 the company is expecting rapid development to take place in