Senior attorney-at-law and President’s Counsel, Mr Razik Zarook, has been appointed as the chairman of the Insurance Regulatory Commission of Sri Lanka.
Mr Zarook previously served with several state institutions including as chairman of Bank of Ceylon, the Co-operative Wholesale Establishment (CWE), the Agricultural Development Authority and National Aquatic Research and Development Authority.He is also a former ambassador to the then Federal Republic of Yugoslavia, Hungary, and High Commissioner to Singapore.
Earlier this month, the regulator released details of the industry’s performance for the first three quarters of 2019. The data reflect growth for the first nine months of the year though at a lower rate in comparison to a year earlier. The insurance industry achieved a growth of 9.19% (9M, 2018: 13.14%) in terms of overall GWP during the first three quarters of 2019. Premiums increased to LKR145,788m ($804m) compared to LKR133,520m recorded in the corresponding nine months of 2018.
Out of 27 insurance companies in operation as at 30 September 2019, 13 were engaged in life business; 12 companies carried out only general insurance business and two were composite companies.