The Insurance Regulatory Commission of Sri Lanka (IRCSL), in partnership with the Insurance Association of Sri Lanka (IASL), unveiled Sri Lanka’s Insurance Industry Development Roadmap yesterday (21) in Colombo, with the participation of Ananda Wijepala, Minister of Public Security and Parliamentary Affairs, attended the event as Chief Guest.
The Roadmap is expected to serve as a strategic framework to guide the future development of Sri Lanka’s insurance sector, with a focus on resilience, innovation, inclusion and long-term national contribution. The initiative is set to outline priority areas including sector modernisation. regulatory alignment, digital transformation, financial accessibility and strengthening consumer confidence.
The event brought together senior government officials, regulators, industry leaders, insurers and financial stakeholders reflecting the broad importance of the sector to Sri Lanka’s economic and social resilience. The launch marks an important milestone for the industry as it seeks to increase insurance penetration across the country, strengthen public trust and policyholder protection, expand digital services and innovation, improve data infrastructure and transparency, support economic resilience and risk management, and enhance overall sector competitiveness and sustainability.
Key highlights of the programme included the official launch of the Insurance Industry Development Roadmap by the Director General of IRCSL, a demonstration of the Centralised Insurance Data Repository by the Credit Information Bureau (CRIB), the launch of the Motor Insurance Digital Card, an awareness session on new compliances and the Master Circular, and the launch of the IRCSL newsletter.
Source: Daily News