The National Insurance Trust Fund (NITF) has already paid over Rs. 145 million to the Ministry of Disaster Management to cover the costs of providing emergency relief measures to over 400,000 people displaced by the recent floods and landslides.
NITF Chairman Manjula de Silva said these payments were made in accordance with the National Natural Disaster and Emergency Relief Insurance scheme launched in April this year. NITF is also geared to meet the costs of rebuilding and repairing houses and small business premises affected by the floods and landslides.
“Our objective is to take care of the uninsured while the insurers look after those who have obtained insurance policies,” added NITF Chief Executive Officer Sanath C. de Silva.
This insurance scheme provides an aggregate cover of Rs. 10 billion for a year with the backing of some of the world’s largest reinsurance companies. “NITF is also expecting large claims on its portion of compulsory reinsurance provided to other insurance companies. Due to our financial strength and the backing of international reinsurers, we will not have a problem meeting those claims,” explained Chairman de Silva.
National Insurance Trust Fund (NITF) Sri Lanka’s national reinsurer and provider of specialised insurance services operates under the Ministry of National Policies and Economic Affairs.