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Insurance companies have agreed to lower the tariff for the insurance of motor coaches as a result of the discussions between the Insurance Board of Sri Lanka (IBSL) and the Insurance Association of Sri Lanka (IASL). Insurance companies had raised their premium rates by one third with effect from August 1.

The last motor insurance tariff revision had taken place in 1989. The IASL had appointed a committee to look into tariff revisions as most insurance companies were incurring losses on this segment. The report submitted by this committee in 1995 recommended an upward revision of premium rates by 18 per cent. Although a committee appointed by the Finance Ministry endorsed this recommendation in 1999, the tariff had not revised.

After the establishment of the IBSL, it had been requested by the IASL to revise the premium rates based on the 1995 report. The tariff on motor insurance was thus deregulated with effect from January 1, 2002 based on the representations made to the IBSL by the public and other interested parties.

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