War Risk

Dec 07, 2009 (LBO) – Sri Lanka is sending a team of shipping and navy officials for talks with London underwriters to get the island off the war risk insurance rating list, shipping officials said. The team would seek a fresh risk evaluation following the end of the ethnic war and removal of the island as a listed area for war risk insurance.

“We will be meeting the war risk insurance people to explain the current situation and to find a formula to get Sri Lanka out of the listed area,” said Walter Rodrigo, GAC Shipping director for P&I (Protection & Indemnity), a member of the delegation which leaves Monday night.

“We will invite international security firms who do risk assessments to do a fresh risk evaluation in Sri Lanka.”

He said the talks are part of an on-going dialogue to prepare for the fresh security audit as risk levels have fallen.

The team going for talks with London underwriters is headed by Sri Lanka Ports Authority chairman Priyath Bandu Wickrama and includes officials from the shipping business and the navy, which provides port security.

Government forces defeated the Tamil Tigers in May, ending a 30-year ethnic war, and greatly reducing the threat to port