Sri Lanka’s EAP group enters insurance broking with Omani firm

Apr 24, 2012 (LBO) – Sri Lanka’s EAP Group and Oman-based Risk
Management Services LLC is teaming up to form an insurance broking
firm amid prospects for strong growth in the island, officials said. “With the war over there is a lot of opportunities for growth,” RMS
assistant general manager K Krisha Murthi said.

“There is low penetration, but we hope to bring our expertise and
knowledge and improve the penetration of insurance, it will benefit
the consumer and insurance companies.”

A 30-year war ended in 2009 and Sri Lanka’s economy grew 8.3 percent
last year. This year the economy is expected to grow at 7.2 percent.

Murthi said the firm conducted business worth 70 million dollars a
year making it the largest insurance broker in Oman.

The joint venture firm expects to be running in two months after
regulatory clearances are obtained.

RMS is already present in Pakistan through a subsidiary formed four
years ago and it has also signed up a partner in India, which is
expected to begin operations later this year.

Sri Lanka’s insurance regulator said this week that it will stop
entertaining applications for new insurance brokers from April 27
following a flood of