Two global insurance giants to cover local agri sector

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By 2017-02-17

By Ishara Gamage

State-owned National Insurance Trust Fund (NITF) said that they have concluded the procurement of a reinsurance programme for their agricultural insurance schemes.

"Two global giants, Hannover Re (50%) and Swiss Re (40%) have together accepted a 90% share of the programme with three other global reinsurers sharing the balance 10%. The placement was made through J.B. Boda & Co (S) Pte. Ltd., a leading reinsurance broker, selected after a competitive procurement process," NITF Chairman Manjula De Silva told Ceylon FT.

This reinsurance programme will provide support to agricultural insurance schemes funded by NITF including...
the recently launched National Agricultural Loan Protection Scheme.

The cover has been arranged on a stop loss basis which is typically the method adopted to obtain reinsurance for agricultural insurance.

"NITF is delighted to welcome Hannover Re and Swiss Re to its network of reinsurers which already includes the likes of Munich Re and Allianz SE."

NITF CEO Sanath de Silva said that having the backing of strong reinsurers will supplement the financial strength and stability of NITF to withstand external shocks they have to deal with due to volatile climatic conditions.

NITF is rated AA – (lka) by Fitch Rating and is the fourth largest contributor to the government treasury among State owned enterprises.

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