Maldives re-insurance potential spied by Sri Lankan business

The Sri Lanka-based National Insurance Trust Fund (NITF) has announced plans to move into the insurance markets of the Maldives and Bangladesh after posting Rs. 2.7billion (US$24million) in profit over the last six months, local news reports have said.

The NITF has said that it has held talks in the two countries over re-insuring national providers and was expecting to enter both markets soon, according to a report published today in the Sri Lanka-based Sunday Observer newspaper.

Senaka Abeygunasekera, Chairman of the NITF, told the paper that a “large” number of Sri Lankan companies were now funding re-insurance plans abroad, including markets like India and parts of Europe.