Sri Lanka Insurance Corporation geared to issue travel insurance for foreign tourists
Sri Lanka’s state-owned Sri Lanka Insurance Corporation (SLIC) is reportedly waiting for approval from the government to issue travel insurance for foreign tourists following the Easter Sunday attacks. The move was initially mooted by the government of Sri Lanka as an incentive for tourists visiting Sri Lanka after the Easter Sunday attacks.
“We have developed a plan to give both travel and hospitalization cover,” SLIC Chief Executive Chandana Aluthgama has said.
The SLIC policy will include a US$ 100,000 medical cover.
“We have sent the proposal to the government for approval,” he has been quoted as saying.
Aluthgama has told the media that the planned premium will be a competitive, nominal fee, but the final price would depend on the government’s decision.
According to media reports, the National Insurance Trust Fund (NITF) has meanwhile pledged to offer the Strike, Riot, Civil Commotion and Terrorist insurance cover for any tourists buying a travel policy from a Sri Lankan insurer.
NITF Chairman Manjula de Silva has reportedly said that if the local insurers are able to provide a competitive travel policy, they may be able to compete with foreign firms even after the situation returns to normal.
OSL take:
Tourism authorities expect the tourism industry to recover and return to normalcy within the next 12 months. In such a scenario, an insurance cover for tourists visiting the country would be an added incentive for travelers to explore the paradise isle. Sri Lanka’s tourism sector is on a path to recovery with foreign visitors beginning to enter the country and visits by foreign VIPs giving a further assurance on the country’s safety. A luxury cruise liner with over 200 passengers has already called at Sri Lanka and several international airlines have announced the resumption of flight to Colombo. Therefore, foreign businesses/investors could confidently explore business/investment opportunities in Sri Lanka’s tourism sector.
| Article Code : | VBS/AT/14062019/Z_2 |