News22 Feb 2016

Sri Lanka:Reinsurers sought for national disaster insurance fund

22 Feb 2016

Sri Lankan state-run insurer and reinsurer National Insurance Trust Fund (NITF) has floated a tender to obtain reinsurance support for the National Natural Disaster and Emergency Relief Insurance Scheme which will be launched next month.

The reinsurance cover would be for the year to 14 March 2017.

The notice calling for Expressions of Interest (EOIs) is published on its website www.nitf.lk and in a local newspaper. Both reinsurers and reinsurance brokers are eligible to submit EOIs. The closing date for submission of EOIs is 25 February.
 
Meanwhile, NITF has successfully concluded the placement of its retrocession cover for 2016. Under it, NITF has obtained a cover of LKR5 billion (US$34.8 million) subject to a deductible of LKR1 billion, reported the Daily News. Therefore, in the event of an exceptionally large claim, NITF will bear up to LKR1 billion of losses while reinsurers on the panel will bear up to LKR4 billion.

Several reinsurers of global repute such as Munich Re, Scor and Lloyd's Syndicates - Cathedral and Amlin - have accepted shares of this programme placed by Lockton Companies, the world's largest privately owned insurance brokerage firm. 

NITF accepts 30% of all reinsurance placements made by general insurance companies operating in Sri Lanka.

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