Tanuj Edward, Secretary of the Insurance Association of Sri Lanka (IASL) said, “We as an industry should explore avenues to increase the penetration of General Insurance among the public. SMEs and individuals should be educated of the benefits of insurance and how it would assist them in the unlikely event of a loss which could affect their businesses and livelihoods.
“There is a big void in SMEs opting for insurance requirements to mitigate their losses due to natural perils or other causes because of preconceived notions that insurance is costly.
“If stocks are not covered by insurance, it could hinder operations leading to greater financial losses. Also taking into consideration the reduction in disposable income, the industry should strive to find a suitable middle ground by introducing simple and affordable policies.
“In our lives, we encounter various opportunities to safeguard what matters most to us, including our health, homes, and businesses.
“While challenges may arise, we have the power to proactively protect our properties from potential risks like fire, flood, or theft. By investing in comprehensive insurance coverage, we not only ensure the well-being of our assets but also gain peace of mind in the face of uncertainties.”
