NITF mulls reinsurance for firms in B'desh, Maldives

by Shirajiv Sirimane

The National Insurance Trust Fund (NITF) is planning to provide reinsurance to insurance companies in Bangladesh and the Maldives.

NITF Chairman Senaka Abeygunasekera told the Sunday Observer that they have already held talks with some insurance companies in these countries and the response has been very positive. "We will move in to these two countries very soon."

He said that they have a surplus fund of over one billion rupees and they made a profit of over Rs. 2.7 billion in the past two financial quarters of the year. They have also invested Rs. 290 million to get down migrant workers who were stranded in Libya by charting an air-craft.

"The NITF has also invested in the recent Urban Development Authority debenture issue and is a regular contributor to the national budget. We are financially very stable and we wish to emulate companies such as GIC of India which is today reinsuring companies not only in India but also in the UK and Europe."

He said that a large amount of money is going overseas from Sri Lankan insurance companies for reinsurance.