Category: Daily Financial Times

The Government’s fiscal performance continued to strengthen before the Ditwah crisis, with the Budget deficit in the 11 months to end-November 2025 contracting by over 73% from a year ago and the record primary surplus nearing Rs. 2 trillion.

The Government has earmarked Rs. 700 billion for post-Ditwah relief and recovery measures, comprising Rs. 500 billion via a supplementary estimate for 2026 approved by Parliament on 19 December with an additional Rs. 200 billion to be diverted from the 2026 Budget capital expenditure allocation.

With the International Monetary Fund (IMF) approving the $ 206 million Rapid Financing Instrument (RFI), Sri Lanka has formally assured the IMF that it will preserve fiscal discipline and maintain an open trade and payments regime while responding to the devastation caused by Cyclone Ditwah, as concerns mount over the sustainability of the country’s economic recovery.

The World Bank has estimated initial damage from the disaster at around $ 4.1 billion, while the International Labour Organisation (ILO) has placed the total economic impact at $ 16 billion. The IMF has separately forecast Sri Lanka’s balance of payments (BOP) deficit to widen by about $ 700 million.

According to new Central Bank of Sri Lanka (CBSL) data, the Government’s Budget deficit for the first 11 months of 2025 reached Rs. 325.6 billion, down 73.25% from Rs. 1.22 trillion a year ago, with tax revenue growth outpacing expenditure.

Tax revenue was up 36.82% year-on-year (YoY) to Rs. 4.94 trillion in the first 11 months of 2025, non-tax revenue was up 19.19% YoY to Rs. 334.3 billion, and grants increased by 16.3% YoY to nearly Rs. 16 billion.

Recurrent expenditure was up 8.55% YoY to Rs. 4.64 trillion, while capital and net lending increased 6.55% YoY to Rs. 645.62 billion, while the total allocation for capital expenditure for 2025 was budgeted at Rs. 1.3 trillion.

The Government reported a primary surplus of Rs. 1.94 trillion for the 11-month period, up 109.28% from Rs. 928 billion a year ago.

Earlier this month, in the wake of Cyclone Ditwah, Opposition MP Dr. Harsha de Silva said about Rs. 1 trillion was already available for immediate deployment without new legislation. This was prior to the latest data, which place the primary surplus at nearly Rs. 2 trillion.

Disaster spending would not fall under the 13% of GDP cap on other expenditure, and exemptions under the Central Bank Act allowed monetary support in the event of a natural disaster. Additional allocations would be needed in next year’s Budget as rebuilding advances.

Dr. de Silva said fiscal rules and improved public finance management had strengthened discipline, but warned against using buffers to accumulate surpluses ‘larger than necessary’ at the expense of investment. Sri Lanka, he said, could not rely on incremental inflows. Sustainable growth depended on opening the economy, accelerating reforms, and attracting substantial foreign and domestic private capital.

CBSL Governor Dr. Nandalal Weerasinghe told the Sri Lanka Economic and Investment Summit earlier this month that he was not concerned about the Government’s fiscal performance post-Ditwah, but warned that long-term structural reforms must not be forgotten in order to generate sustainable growth.

The Government yesterday extended the State of Public Emergency in Sri Lanka, according to an Extraordinary Gazette notification.

The proclamation was issued by President Anura Kumara Dissanayake exercising the authority conferred on him under Section 2 of the Public Security Ordinance (Chapter 40), as amended by Act No. 8 of 1959, Law No. 6 of 1978, and Act No. 28 of 1988.

Accordingly, the provisions set out in Part II of the Public Security Ordinance will remain in force across the island.

The State of Public Emergency was first declared on 28 November in the wake of Cyclone Ditwah.

These regulations grant the authorities sweeping powers aimed at safeguarding national security, public order, and ensuring the delivery of essential services amid ongoing weather disaster conditions.

Under the new framework, the President may appoint by name or by office individuals or officials as ‘competent authorities’ to carry out various emergency functions, either for the entire country or for specified areas. This delegation can also be extended to Ministers or other authorised persons as needed.

A core feature of the regulations is the power to requisition private sector property, vehicles, and even personal services. If buildings or premises are required for relief work, for example, sheltering displaced persons or staging disaster-response operations, senior officers from the Tri-Forces-Army, Navy, or Air Force-are authorised to take possession.

Residents or occupants can be evicted and access restricted to unauthorised persons. The law provides for forfeiture if premises are used in aid of prohibited acts or crimes under the emergency framework. Similarly, the authorities can requisition private vehicles if deemed necessary in the interest of national security, public order, or to maintain supplies and services essential to community life.

The regulations also enable mobilisation of human resources. The President can declare certain services ‘essential services,’ in which case individuals employed in those sectors may be required to work outside regular hours, even on holidays, and refusal without lawful excuse may result in termination of employment and criminal penalties.

To oversee and coordinate these operations, the regulations allow for appointment of a ‘Commissioner-General of Essential Services’ with authority to delegate duties to Deputies or Assistants. This office is responsible for executing and coordinating all activities related to the maintenance of essential services across the country or in designated parts.

Complementing that, a ‘Commissioner of Civil Security’ may be appointed to oversee civil security matters, supported by Deputy Commissioners and other competent authorities. Local level governance is also factored in and for each Divisional Secretary’s Division, an advisory committee composed of public servants and community-recognised persons must be formed to advise authorities on preserving public order and ensuring continuity of essential supplies and services.

Further, the regulations give broad powers of search, seizure, arrest, and detention without warrant for persons suspected of involvement in various offences under specified sections of the penal code, particularly offences related to violence, damage to property, or threats to public order. Armed forces personnel alongside Police are empowered to carry out such operations.

Legal protections are extended to actions taken in ‘good faith’ under these emergency regulations; no civil or criminal proceedings may be instituted against persons for acts done in good faith under this framework, except with prior special authorisation.

Sethma Hospitals Ltd., has received the award for Best Entrepreneur in the Services Sector (Hospitality, Tourism and Other Services) – Medium Scale at the Western Province Entrepreneur Awards 2025, organised by the National Enterprise Development Authority in collaboration with the National Chamber of Commerce of Sri Lanka. The recognition marks another milestone for the Gampaha-based multi-specialty healthcare provider, which has grown steadily since its establishment in 2006. Sethma Hospitals operates under the leadership of Chairman Dr. D.C.S. Jayasuriya and is approved by the Private Health Services Regulatory Council (PHSRC) of the Health Ministry. Over the years, it has strengthened its presence in the district with a modern, 70-bed facility built to meet international standards.

Sethma Hospitals offers a wide range of services during all 24hrs including elderly care, emergency care, maternity and new-born services, dental and cardiology clinics, pain management, dermatology and beauty care, OPD, Eye Care Services, Eye investigations ,medical investigations, laboratory services, pharmacy, and nutrition and weight management support. The hospital also has two fully equipped operating theatres capable of handling major and minor surgeries, including eye surgeries, Orthopedic surgeries and all general surgeries along with an fully automated laboratory offering comprehensive investigations. Sethma hospital is planning to expand their services by adding another 16 luxury rooms, Urology Care Unit Dialysis Unit, Fertility Care Services, Latest X ray technology, Endoscopy Unit and Laparoscopy surgeries within next few months. Patients have access to a range of room options designed to ensure comfort during hospital stays. Facilities include spacious waiting areas, modern consultation rooms, luxury rooms, an information desk staffed throughout the day, ample parking within the premises, and a cafeteria offering fresh meals and beverages. A dedicated children’s play area adds to the hospital’s focus on creating a welcoming environment for families. In 2017 and 2018, Sethma Hospitals was named the Best Service Entrepreneur in the Western Province by the Ceylon Chamber of Commerce. Today, more than 70 specialist consultant doctors from across the country visit the hospital for consultations, reflecting its standing as a trusted healthcare provider in Gampaha district.

Skipper Ben Stokes described England’s Boxing Day Test victory at the MCG as a ‘pretty special feeling,’ as the tourists finally ended a 15-year wait for a Test win on Australian soil.

After chasing down a tricky fourth-innings target in challenging conditions, the England Captain admitted the closing moments were far from comfortable.

‘Yeah, amazing feeling. 10 runs have never felt so far away, when I got out. I did not want to come back into the dressing room and watch the TV on the delay. So yeah, awesome feeling. Been on a couple of tours before where it has not gone too well, so to end up on the right side of the result after a long period of time is a pretty special feeling.’

The significance of the moment was underlined when the entire squad emerged from the dressing room to share the final moments together – a release years in the making.

‘We, at the end there, when all the boys came out of the dressing room and had a little hug there and we’re like, finally, finally we’ve won one. So, yeah, good feeling,’ he said.

On a surface that offered something for the bowlers throughout, England committed to a proactive approach in the fourth innings, a decision Stokes felt was essential against Australia’s relentless attack.

‘There was only one way of going about, chasing that, that tally down which was to, to go out there and, and try and put the pressure on from ball one.’

Stokes also praised England openers, Zak Crawley and Ben Duckett, calling their partnership of 51 runs a ‘huge reason’ behind the successful chase.

‘When Zak and Ben started building a partnership, the field started to go back and then we were able to rotate (the strike). It wasn’t just the boundaries that were allowing us to take that total down. It was the ones and twos and the running between the wickets,’ he explained.

England’s tactical flexibility was also on display with Brydon Carse promoted to No. 3, a move designed to counter the passage of play against the new ball.

‘That wicket was very tricky, especially with a newer ball. we went with an idea of sending someone who’s got talent with a bat. Even if he gets a quick 20-30, that’s massive in a very small run chase.’

While the move didn’t fully come off, Stokes felt it eased the path for Jacob Bethell, whose composed knock of 40 in 26 balls stood out under pressure. ‘I was very impressed watching him construct that innings in the way that he did.’

Stokes highlighted Bethell’s bravery, particularly his willingness to disrupt bowlers’ rhythm, especially hitting Scott Boland over the covers immediately after the tea break. ‘You have got to be brave and courageous in, in the way that you play the game, especially on a wicket like that. You don’t underestimate the impact that a certain shot or a certain intent does to a bowler.’

Beyond the immediate result, the victory carried wider significance for a squad blending experience with youth, from veterans like Joe Root to players like Josh Tongue and Bethell at the start of their Test journeys.

‘We will all share that same satisfaction of winning a game out here and adding to it that it was a Boxing Day Test match, which is a very, very big sporting event that we’re lucky enough to be able to play in. We’re very proud and bosomed that we have managed to get this [win],’ he added.

Damro Group has donated Rs. 50 million to ‘Rebuilding Sri Lanka’ Fund.

The ‘Rebuilding Sri Lanka’ Fund was established to rebuild the country and restore the livelihoods of people affected by the Ditwah cyclone. Accordingly, financial contributions are being received on a daily basis from the local and foreign business community, organisations and philanthropists.

The relevant cheque was handed over to the Secretary to the President, Dr. Nandika Sanath Kumanayake, by Damro Managing Director Nalaka Gunathilake and Director Prasanna Kodippili.

Ninewells Hospital Ltd., has officially unveiled Ninewells Eye, Sri Lanka’s first fully integrated eye care hub, marking a major milestone in the country’s private healthcare landscape. The new facility was declared open recently at the Ninewells Hospital premises, bringing together comprehensive ophthalmic services under one roof for adults and children alike.

Designed for efficiency, convenience and clinical excellence, Ninewells Eye integrates outpatient consultations, advanced diagnostics, surgery, optical services and pharmacy facilities on a single floor. This end-to-end model enables patients to move seamlessly from diagnosis to treatment and discharge, setting a new benchmark in patient-centred eye care in Sri Lanka.

Ninewells Hospital Director and CEO Dr. Vibash Wijeratna said the initiative reflects the hospital’s long-term commitment to specialised healthcare excellence.

‘Ninewells Eye represents our vision of integrated, patient-focused care. By bringing consultation, diagnostics, surgery and optical solutions together in one space, we are transforming the eye care experience while maintaining the highest international standards,’ He stated.

He further noted that cataract and glaucoma-among the most common eye-related conditions in Sri Lanka-will be managed comprehensively at Ninewells Eye by an experienced in-house team of specialised ophthalmologists, ensuring timely diagnosis, advanced treatment and continuity of care under one roof.

The centre features two dedicated eye surgery theatres, equipped with the latest ophthalmic technology to support procedures such as modern cataract surgery and other advanced interventions. A full range of diagnostics, including OCT imaging, visual field testing and laser treatments, ensures precise diagnosis and minimally invasive care with faster recovery times.

From a strategic and operational perspective, Ninewells Hospital Chief Financial Officer – Group Sandun Wajira Kumara noted that the investment aligns with sustainable healthcare delivery.

‘This is not just an infrastructure expansion but a value-driven investment in quality, efficiency and long-term patient outcomes, with an investment of Rs. 500 million, Ninewells Eye has been developed to meet international standards, enabling integrated care that allows us to optimise resources while improving accessibility, affordability and overall patient experience.’ He noted.

Clinical leadership remains central to the new hub, Ninewells Hospital Head of Medical Services Dr. Romesh Fernando highlighted the medical advantages of the integrated model.

‘Patients benefit from continuity of care-consultation, investigations, surgery and post-operative follow-up are all streamlined. This significantly enhances safety, accuracy and overall clinical outcomes,’ He said.

Ninewells Hospital Deputy General Manager – Business Development Rajiv Bandaranayaka emphasised its role in meeting rising demand.

‘With increasing eye health needs across all age groups, Ninewells Eye is positioned to bridge critical gaps in specialised eye care while supporting Sri Lanka’s evolving healthcare expectations,’ he noted.

Operational excellence and patient comfort were also key priorities. Ninewells Hospital Group General Manager Ramkishore Krishnamoorthy pointed to features such as a dedicated VIP lounge and streamlined same-day discharge processes.

‘Every aspect of Ninewells Eye has been designed to reduce patient stress and waiting time, ensuring a smooth, dignified experience for patients and their families, adding that the centre is structured to deliver the highest level of personalised care and premium services for those who are able to afford them, while maintaining the hospital’s overall commitment to quality and clinical excellence.

With the launch of Ninewells Eye, Ninewells Hospital further strengthens its specialised service portfolio, reinforcing its mission to deliver compassionate, high-quality healthcare and positioning itself at the forefront of advanced eye care in Sri Lanka.

Lanka Realty Investments PLC yesterday said that its subsidiary On’ally Holdings PLC has commissioned the country’s largest LED display at its property in Unity Plaza in Colombo 3 on an investment of up to Rs. 200 million.

The high-capacity, triple-faced outdoor LED display at Unity Plaza and its related peripherals is projected to cost between Rs. 175 million and Rs. 200 million.

The Board of Directors of On’ally Holdings PLC expects the installation to materially improve advertising potential and contribute positively to the subsidiary’s future profitability, subject to prevailing market conditions.

Based on management projections, the investment is expected to generate approximately Rs. 150 million in additional annual revenue.

The company said the installation constitutes the largest LED display in Sri Lanka and represents the highest technological investment to date in the country’s LED and digital signage sector.

On’ally Holdings closed yesterday up Rs. 0.30 at Rs. 40.40 and Lanka Realty Investments ended Rs. 0.70 lower at Rs. 35.10.

Since assuming the duties of Chairman of the Insurance Regulatory Commission of Sri Lanka (IRCSL) on 2 January 2025, I have embraced an ambitious mission: to transform Sri Lanka›s insurance sector from a peripheral financial service into a central pillar of national economic resilience and social stability. My mission is not merely about increasing insurance penetration statistics, it is about cultivating a fully insured, financially literate, and future-ready society where every citizen, family, and business is protected against unforeseen risks.

The journey ahead is one of profound regulatory, technological, and educational reform. Our goal at the IRCSL is to establish a regulatory environment that is modern, transparent, and robust, earning the full trust of the public while fostering innovation and sustainable growth within the industry. This is a comprehensive blueprint built on three core strategic pillars: Empowering the Public through Education, Achieving Operational Excellence through Digitalisation, and Benchmarking Our Framework with Global Best Practices.

Pillar I: Cultivating a culture of financial preparedness

Sri Lanka’s insurance penetration currently stands at around 1.1%. This figure reflects not only a market challenge but also a deeper social reality, low financial and risk literacy among the general population. One of the main challenges to the growth of Sri Lanka’s insurance sector is how people think about insurance. For many years, insurance has often been seen as something complicated or only meant for the wealthy. Because of this, many people still do not see the real value of insurance or understand how it can protect them from financial risks. The result is that only a small part of our population is insured mainly due to a lack of financial and risk awareness.

The mass-scale ‘Insurance for All: For a Secure Future’ awareness campaigns

To change this, my key priority is to launch a nationwide, long-term education campaign that takes insurance awareness directly to the people, especially those in rural and underserved communities. The goal is to make insurance simple, relatable, and accessible to everyone. We will work with schools, community groups, media, and local institutions to help people understand why financial planning and insurance are essential parts of a secure future.

This is not a short-term project, but a long-term investment in our people and our country’s future. By improving knowledge and understanding, we can help every citizen make better financial decisions, protect their families, and recover more easily from unexpected events such as illness, accidents, or natural disasters.

The inaugural events in the Matara District in June 2025, followed by successful programs in the Northern Province, including Jaffna and Kilinochchi in October 2025, serve as powerful testaments to this commitment. These programs involve comprehensive roadshows, interactive public workshops for Government officials, school and university students, business community and the public. Participants have responded very positively, highlighting the strong need for such direct engagement and community-level awareness. Building on this momentum, similar awareness campaigns will be organised next year across selected districts where insurance penetration remains low, ensuring that the message of financial preparedness reaches every corner of the country. These efforts will continue in close collaboration with the Insurance Association of Sri Lanka (IASL), the Sri Lanka Insurance Brokers Association (SLIBA), and the Sri Lanka Insurance Institute (SLII), as part of a collective industry effort to strengthen public understanding and trust in insurance.

Integrating insurance into the national curriculum

To ensure that insurance literacy becomes an embedded societal value, we have embarked on a crucial collaboration with the Ministry of Education to integrate the core concepts of risk management and financial protection into the Government school curriculum. Our proposal advocates for introducing these fundamental principles to students as early as Grade 5.

The rationale is clear, by teaching concepts like actuarial science, underwriting, and investment as they align with existing subjects such as Mathematics, Biological Sciences, and Commerce, we are preparing a generation of youth who are financially well informed and ready to assume the specialised professional roles within the insurance industry. This curriculum development initiative is a mass-scale undertaking, aimed not just at promoting awareness but also at creating a sustainable pipeline of talent that will drive the sector forward for decades.

Fostering tomorrow’s leaders: The Inter-University Quiz Competition

Complementing our efforts in schools, the IRCSL is actively engaging university students. We are organising an Inter-University Quiz Competition that focuses on insurance, risk management, financial literacy and other general aspects. The objective is two-fold: to cultivate intellectual interest among undergraduates and to identify and nurture the next generation of thought leaders who will be vital in navigating the complexities of the modern global financial landscape. Further, through knowledge-sharing guest lectures and support for academic research, we are ensuring that the theoretical output from our universities remains aligned with the dynamic, real-world needs of the insurance industry.

E-Newsletter

The IRCSL e-Newsletter serves as a dynamic platform to share key updates, industry insights, and regulatory developments within Sri Lanka’s insurance sector. It aims to keep all stakeholders including Insurance Association of Sri Lanka (IASL), Sri Lanka Insurance Brokers Association (SLIBA), Association of Actuaries of Sri Lanka (AASL), Sri Lanka Insurance Institute (SLII) and Academia, informed and engaged with the latest initiatives, policy directions, and awareness programs carried out to promote and strengthen the insurance industry. Through this digital publication, we hope to foster knowledge sharing, promote transparency, and enhance collaboration across the industry. Ultimately, this initiative contributes to building a well-informed and financially secure society.

Alongside these initiatives, our team undertook digital awareness efforts, including the development of engaging social media content to promote insurance literacy among the public. The IRCSL also collaborated with the Central Bank of Sri Lanka (CBSL) to participate in regional-level financial literacy seminars and exhibitions, further extending our outreach to diverse communities across the country.

Pillar II: Achieving operational excellence through digitalisation

The global insurance industry is undergoing rapid digital transformation, and Sri Lanka must position itself at the forefront of this change. Digitalisation goes beyond efficiency, it enhances security, accuracy, transparency, and policyholder protection. Under my leadership, the IRCSL has prioritised several high-impact digital initiatives aimed at strengthening the insurance system.

The Government of Sri Lanka has made digitalisation a central part of its national plan, as outlined in its manifesto and the National Digital Economy Strategy. By improving digital infrastructure, expanding connectivity, and supporting new technologies, the Government seeks to create a more inclusive, efficient, and resilient economy.

In this context, the insurance industry must embrace digital transformation more fully. While some companies have begun adopting advanced technologies, significant opportunities remain to enhance operations, improve customer experience, and strengthen resilience. By leveraging digital tools and AI-driven systems, insurers can personalise products, detect fraud more effectively, and streamline claims processing, delivering faster, more transparent, and customer-friendly services.

Digitalising motor insurance: The repository and E-Card system

Motor insurance is often the public’s most frequent interaction with the insurance sector. The IRCSL is moving aggressively to establish a Centralised Motor Insurance Database, the national Motor Insurance Repository. This will serve as a single, authentic source of truth for all motor insurance

policies, offering real-time verification capabilities that are essential for law enforcement, claims management, and fraud prevention. By ensuring accurate and accessible information, it will enhance transparency, improve operational efficiency, and strengthen public confidence in the motor insurance system.

This initiative is paired with the introduction of digital motor insurance e-cards, which will replace cumbersome physical documents to ensure immediate, effective implementation, the IRCSL, in collaboration with the industry, has initiated a project to provide the Sri Lanka Police with digital tablets. These devices will enable law enforcement officers to verify the validity of any motor policy on the spot, drastically reducing the instances of fraudulent policies and ensuring that victims of accidents receive their rightful compensation faster.

We aim to build a sustainable and high-performing regulatory workforce capable of driving policyholder protection, financial stability, and the continued development of Sri Lanka’s insurance sector

Enhancing health insurance through digital integration

Digital technology can bring major improvements to health insurance. By using standardised disease coding, electronic health records, and AI tools, insurers can better understand risks, settle claims faster, and create health plans that suit each person’s needs. Having instant access to accurate medical data, helps reduce mistakes, prevent fraud, and support proactive healthcare, such as preventive treatments and early detection of health issues.

Recently, IRCSL held discussions with the Minister of Health to advance the implementation of a standardised disease coding system and electronic health records across hospitals. These discussions focused on enabling insurers to access accurate, real-time medical data, improving claims processing, risk assessment, and the design of personalised health products. Through this collaboration, IRCSL is helping make health insurance more efficient, transparent, and responsive, while strengthening trust and resilience across the sector.

Pillar III: Benchmarking against global excellence and targeted reform

A strong and resilient insurance sector is one that can absorb global economic fluctuations while maintaining the highest standards of international practice. During my tenure, I have been committed to guiding Sri Lanka’s insurance industry towards global best practices, particularly in strengthening regulatory frameworks, enhancing governance, and ensuring robust risk management. This approach aims to build a stable, transparent, and internationally competitive insurance sector that safeguards policyholders and supports sustainable economic growth.

Adopting global best practices: The India study tour

In August 2025, I led a high-level IRCSL delegation, accompanied by the Director General and two Directors of the IRCSL, on a strategic study tour to India. The delegation engaged with the Insurance Regulatory and Development Authority of India (IRDAI), the Insurance Information Bureau (IIB), and other key industry institutions. This mission was not a courtesy visit; it was an intensive exercise in knowledge transfer, aimed at extracting practical insights from India’s comprehensive ‘Insurance Vision 2047′ initiative, which seeks to provide insurance protection to every Indian citizen. Key recommendations for

Sri Lanka include the phased implementation of Risk-Based Supervision (RBS) and Risk-Based Capital (RBC) frameworks, adoption of IFRS 17 for transparent financial reporting, expansion of innovative distribution channels, strengthening reinsurance and investment practices, and promoting digitalisation, consumer protection, and insurance inclusion to enhance industry resilience and safeguard policyholders’ interests.

Introducing simple, standardised insurance products

One of the most pressing challenges facing Sri Lanka is the gap in accessible and affordable financial protection. Drawing from insights gained through our international engagements, we are developing strategies to promote the creation of insurance products specifically designed to extend coverage to vulnerable and underserved groups, including those in the informal sector.

Our focus is twofold, promoting affordable, high-benefit schemes offered by insurers, and taking initial steps to introduce insurance coverage for university students as a practical starting point, with the support of the Government. Monetary incentives will be considered to assist students who may not be able to afford premiums. Through these efforts, we aim to ensure that every Sri Lankan beginning with young adults in higher education has access to quality healthcare without facing financial hardship.

Strengthening industry engagement and communication

Beyond these major policy pillars, we are committed to fostering continuous dialogue and transparency across the sector. We have initiated a series of programs to strengthen collaboration between academia and industry professionals, ensuring that research and practical knowledge flow freely.

Together with the Insurance Association of Sri Lanka (IASL), we are taking proactive steps to engage with leaders beyond the insurance sector, including CEOs from other industries, to facilitate open dialogue and knowledge exchange. This cross-sector collaboration brings fresh perspectives, encourages innovative solutions, and strengthens strategic partnerships, ultimately enhancing the insurance industry’s adaptability, responsiveness, and overall effectiveness.

International Conference; OECD/ADBI Roundtable on Insurance and Retirement Savings in Asia, 2-3 June 2026

The IRCSL will host the OECD/ADBI Roundtable on Insurance and Retirement Savings in Asia, international conference on 2-3 June 2026, bringing together global regulators, industry leaders, and policymakers to discuss emerging trends, regulatory innovations, and strategies for enhancing insurance and retirement frameworks. This roundtable will provide a unique platform for Sri Lanka to benchmark its practices against international standards, foster regional and global collaboration, and gain valuable insights that can guide targeted reforms.

Looking ahead: Strengthening the IRCSL for the future

As the Insurance Regulatory Commission of

Sri Lanka celebrates its 25th anniversary next year, it is a timely moment to reflect on our achievements and prepare for the challenges ahead. Strengthening our staff and enhancing capacity is essential for the IRCSL to continue functioning as a modern, effective regulatory body. Ongoing professional development, knowledge sharing, and strategic reforms are required to ensure that our team performs at the highest professional standards.

IRCSL staff, who are responsible for supervising 29 insurance companies and over 80 insurance brokers, play a crucial role in overseeing a vital and complex segment of the financial system, safeguarding policyholders and upholding financial stability. Similar to their counterparts in other key financial regulatory institutions, such as the Central Bank of Sri Lanka (CBSL) and the Securities and Exchange Commission (SEC), they play an essential role in the nation’s financial framework.

To attract and retain the right talent, it is imperative that the remuneration structures, benefits, and facilities offered to IRCSL staff are periodically aligned with those of other key financial regulators such as CBSL and SEC. As the lead authority mandated to supervise, regulate, and develop the insurance industry, the IRCSL is equipped with a highly competent and dedicated team. Sustaining their motivation and commitment is crucial to achieving the Commission’s core objectives of policyholder protection, institutional stability, and sectoral reform.

My next step is to develop a comprehensive proposal for establishing a structured mechanism to strengthen institutional capacity. Through this initiative, we aim to build a sustainable and high-performing regulatory workforce capable of driving policyholder protection, financial stability, and the continued development of Sri Lanka’s insurance sector.

Flag-carrier Turkish Airlines has taken a step further to strengthen its global reach by launching flights to Phnom Penh, the capital of Cambodia, in line with its strategic goals.

With this new destination, Cambodia becomes the seventh country served by the flag carrier in Southeast Asia and Phnom Penh joins the network as the 11th city in the region.

Strengthening commercial ties between Trkiye and Cambodia and contributing to the economic growth of this emerging market, the Phnom Penh route expands the airline’s Far East network to 20 cities and 21 airports, the airline said in a statement.

This new route offers Turkish Airlines’ guests easier access to one of the key destinations in the region and showcase once more the unparalleled connectivity the Turkish flag carrier offers as the only European carrier flying to this destination.

Turkish Airlines operates flights to Phnom Penh three times a week-flights from Istanbul to Phnom Penh depart on Wednesdays, Fridays, and Sundays, while return flights to Istanbul operate on Mondays, Thursdays, and Saturdays.

Phnom Penh stands as one of the region’s most important tourism and trade centres with its historical fabric, cultural heritage, and vibrant city life.

A financial contribution of Rs. 50 million has been made by National Development Bank PLC to the ‘Rebuilding Sri Lanka’ Fund, which was established to restore the livelihoods of people affected by Cyclone Ditwah and to rebuild the country following the disaster.

The relevant cheque was handed over by NBD Deputy Chief Executive Officer K. V. Vinoj, to Secretary to the President, Dr. Nandika Sanath Kumanayake. Sanjaya Perera and C. L. B. Dasanayake from NDB were also present.