POOR PENETRATION IN SRI LANKA LEAVES INSURANCE LOSSES LOW

Insurers in Sri Lanka look likely to face payment claims of less than $60m as a result of the low penetration of insurance in the Sri Lankan market — put by Swiss Re’s sigma 2003 report at just 1.3%. A local industry official said that “hardly anyone” had cover against tidal waves or tsunamis, and that most of the claims lodged so far had been for loss of life rather than loss of property.