Home / Front Page/ NITF pays over Rs. 145 m for disaster relief

NITF pays over Rs. 145 m for disaster relief


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 24 May 2016 00:00


 

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.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Facing the chill wind: Decline in agricultural exports in Sri Lanka

Thursday, 17 October 2019

During the past two years, there is a marked increase in the export revenue as indicated in table 1. The export earnings from January to July 2019 also grew by 2.8% compared to the corresponding period of the previous year, despite the uncertainties


The ‘Strategic Blueprint’ of your firm: Articulating your competitive strategy

Thursday, 17 October 2019

Why do many firms fail to achieve their ambitions and growth targets in revenue and profitability? Several reasons can be found and one of the fundamental issues lies with the firm’s leadership not being able to articulate its competitive strategy


Innovation conundrum: We do or don’t do!

Thursday, 17 October 2019

It is perhaps important to highlight the need for seriously considering an aspect that we need to embrace and embed if we are ever to transform our economy from a dependent deprived status to a one worthy of emulation. The aspect in question is innov


Palaly comes to life again

Thursday, 17 October 2019

Today, 17 October, Sri Lanka is scheduled to re-open the Palaly Airport as its third international aerodrome. There will be many who will applaud and give praise for the refurbishment and upgrading of the new airport; and there will be others who wil


Columnists More