NITF enters in a big way

The National Insurance Trust Fund (NITF),the second state insurance entity will extend its services to the public of all categories of general insurance requirements. NITF has introduced several insurance schemes such as agrahara, motor, strike, riot, civil commotion and terrorism, migrant workers and reinsurance for semi government employees.

Chairman, NITF, A. A. Wijepala said the number of request for insurance schemes increased during the past three months due to the preference for insurance under state owned entities.

NITF targets a profit of Rs. four billion this year. Despite a challenging environment the NITF recorded a profit of Rs. three billion up to July this year and contributed Rs. 1.25 billion to the Treasury.

“Insurance schemes for journalists, plantation workers, garment and cottage industry workers will be introduced which will ensure a better working environment in rural industries”, Wijepala said.

NITF commenced insurance schemes such as health and personnel accident insurance for semi government employees, fire, marine and miscellaneous insurance schemes and motor insure for public sector with effect from September 1. The NITF has insures 300,000 migrant workers under the migrant workers insurance scheme. The insurance scheme covers the family at a low premium.

The public service insurance scheme was implemented in 2006 and last year over 600,000 government servants registered for under NITF.

LF