Sri Lanka's state owned insurance company, Sri Lanka Insurance Corporation (SLIC) has announced its decision to cease operations in Maldives and Seychelles.
Sri Lankan media reports quoted the SLIC's joint Managing Director TMR Bangsa Jayah as saying that the operations in both countries were no longer profitable.
“There is a limited population in the Seychelles and there are only a few motor vehicles to insure.On top of that there are three well established insurers in the Seychelles and to compete with them is almost impossible due to a limited population," Jayah told the Daily News.
“Hence recently we decided to pullout from there after a board decision”.
Commenting on the Maldives operations he said that though Sri Lanka Insurance (SLI) went before Ceylinco Insurance, the SLI product was neglected.
“Due to this Ceylinco has now got the upper hand and we cannot compete and we had decided to pull out.”
The joint MD said in both countries they were asked to make a deposit of USD250,000 each and Sri Lankan Insurance is yet to get it back from both Seychelles and the Maldives.
