Sri Lanka’s NITF gets reinsurance cover for agriculture

Agriculture

Feb 17, 2017 (LBO) – Sri Lanka’s National Insurance Trust Fund says they have procured a reinsurance program for its agriculture insurance schemes.

“This reinsurance programme will provide support to agricultural insurance schemes funded by NITF including the recently launched National Agricultural Loan Protection Scheme,” NITF said in a statement.

“The cover has been arranged on a stop loss basis which is typically the method adopted to obtain reinsurance for agricultural insurance.”

Hannover Re (50%) and Swiss Re (40%), have together accepted a 90 percent share of the program, with three other global re-insurers sharing the balance 10 percent.

The placement was made through J.B. Boda & Co (S) Ltd., a leading reinsurance broker, selected after a competitive procurement process.

“NITF is delighted to welcome Hannover Re and Swiss Re to its network of re-insurers which already includes the likes of Munich Re and Allianz SE,” Manjula de Silva, chairman of NITF said.

NITF is rated AA – (lka) by Fitch Rating and is the fourth largest contributor to the government treasury among state owned enterprises.