“ World over insurance is a growing industry, Asian region being at the highest.

In Sri Lanka insurance premiums both life and non-life have been growing faster than the GDP growth.  It has been around 20% upto last year. It is the highest in the region and it will continue to be so, several numbers of years in the future.

Wealth management is an important part of insurance business which has led to a growing demand for specialized insurance products which needs technical expertise and competencies, to develop such products…….”

Key Note address with presentation was done by Mr. Udayasri Kariyawasam, Chairman of Insurance Board of Sri Lanka.

“Insurance is an industry which requires technical knowledge in insurance, risk management, investment management and law.

One of the major problems in our insurance industry is the shortage of qualified people mainly in insurance related areas. However, we must not forget the fact that the ethical behavior of insurance professionals is also a vital factor for the development of the industry.
Unethical behavior cause damages to any industry incurring huge costs to the individuals, organizations and the society. Even in developed countries the numbers of corporate frauds increase every year despite all preventive actions taken by respective regulators all over the world. As a regulated industry, the insurance market players are expected maintain strict compliance and high level of ethical behavior in their affairs.

The regulators are not there to micro-manage your individual companies or continuously punish errant market players. We are there to safeguard the interests of policy holders and prospective policyholders and maintain a disciplined market. We must not forget the fact that the ‘utmost good faith’ is the key for sustainability in the long term in insurance business.……”

Presentation on Post Graduate Diploma in Actuarial Science was done by Mr. Chandra Embuldeniya, Vice Chancellor of Uva Wellassa University.

“Development of Actuarial Science Skills in Sri Lanka…..”

Presentation on Higher National Diploma in Insurance by Mr. D.M.A.K. Kulasooriya, Director of National Institute of Business Management.

“Higher National Diploma in Insurance (HNDI)………”