Prakash Schaffter, new IASL president

Prakash Schaffter

Managing Director, Janashakthi Insurance PLC, Prakash Schaffter was elected President of the Insurance Association of Sri Lanka (IASL) at the AGM of the Insurance Association of Sri Lanka recently.

Schaffter, a Fellow of the Chartered Insurance Institute, has a BA in Political Science from the University of London and an MBA from the University of Cambridge, UK. A former Vice-President of Insurance Association of Sri Lanka and he has sat on several Industry-related committees.

Prakash Schaffter said, "The Insurance industry is a integrated and regulated industry. There is cohesion and stability among the players and the industry is structured to serve the insurance needs of the community. It has a strong balance of multinational and home-grown players, all conducting business in line with best practices and implementing prudent risk mitigation strategies."

"The industry along with the Insurance Board of Sri Lanka (IBSL) is at the cusp of new challenges, to implement new regulations which are consistent with international norms. We must ensure the transition is smooth and well thought out and I will continue the good work of my predecessors on this matter."

The new office-bearers of the Insurance Association of Sri Lanka are Vice President - Dirk Pereira, Secretary - Mohan de Alwis and Treasurer - Deepthi Lokuarachchi.