Indias Life Insurance Corp. plans to set up an ombudsman to settle life insurance disputes as part of its efforts to encourage Sri Lankans to take up insurance policies.
The Indian life insurance giant officially opened its doors for business over the weekend through its local unit LIC Corp. (Lanka) Ltd. rn
rnThe local arm is a Rs. 100 mn joint venture with the Indian giant controlling 75 percent and the local Bartleets Group 25 percent. A public offering is also on the way in three years time, as LIC penetrates deeper into the local market.rn
rnThe local life insurance sector is vastly untapped, with the life insurance ratio as a percentage of GDP at 0.5 percent, as against 1.39 percent in India. Just under six percent of Sri Lankans own a life insurance policy. rn
rnAround 250,000 Sri Lankans take up new policies every year. With premiums of around Rs. 2.2 bn, the market grows by 20 percent annually, mostly from the Western Province.rn
rnldblquote The potential is enormous. We have over 50 pr