Prakash Schaffter takes the helm at Insurance Association of Sri Lanka

Friday, 12 April 2013 03:25 - - {{hitsCtrl.values.hits}}

Janashakthi Insurance PLC Managing Director Prakash Schaffter was elected as President of the Insurance Association of Sri Lanka (IASL) along with the new office bearers at the recently held Insurance Association of Sri Lanka AGM held on 20 March.

Prakash is the eldest son of C.T.A. Schaffter; fondly referred to as “the father of Sri Lanka Insurance”.

Prakash Schaffter has led Janashakthi Insurance from 2006 to date and during which time the business has burgeoned from a Rs. 4 billion business to surpass Rs. 8 Billion mark today. Counting over 25 years in the industry he was a key member of Janashakthi PLC from its inception in 1994. He is a fellow of the Chartered Insurance Institute, has a BA in Political Science from the University of London and an MBA from the University of Cambridge UK. He has previously been the Vice President of the Insurance Association of Sri Lanka and sat on several industry related committees such as the ‘Riot Strike and Terrorism Fund’.

He is a former Chapter Chair YPO -A networking organization of CEOs which emphasises professional development volunteerism and best practices. He is also the former Secretary of the Sri Lanka Cricket Interim Committee and also played first class cricket for Cambridge University. He is also a former President of the Tamil Union Cricket & Athletic Club and was for many years its General Secretary.

Assuming duties as President, Schaffter said: “The Insurance industry is a well integrated and solidly regulated industry. There is a lot of cohesion and stability among the players and the industry is well structured to serve the insurance needs of the community. It has a strong balance of multinational and home grown players, all conducting business in line with best practices and implementing prudent risk mitigation strategies. The industry along with the Insurance Board of Sri Lanka (IBSL) is at the cusp of new challenges ahead, in order to implement new regulations which are consistent with international norms. We must ensure the transition is smooth and well thought through and I will continue the good work of my predecessors on this matter.”

He further added: “Our real challenge is to be more dynamic and create greater awareness and knowledge amongst the public, regarding the benefits of life insurance in particular. Our life penetration is at 11% of the population and needs a huge amount of awareness and information generation to move this to regional standards which are much greater than this. In India, the ratio of life insurance premium to GDP alone is approximately 4%, whereas in developed markets it ranges between 6 to 9% GDP. In Sri Lanka the penetration of both life and general insurance was 1.20% of GDP in 2011 and life insurance penetration is approximately 0.54% of GDP in 2011.”

In conclusion Schaffter added: “I am aware I step in at a critical phase in the industry, and am humbled by the trust placed in me and the strength of the support team in place both at Insurance Association of Sri Lanka and within the Insurance Board.”

The new office bearers of the Insurance Association of Sri Lanka are Vice President Dirk Pereira, Secretary Mohan De Alwis and Treasurer Deepthi Lokuarachchi.