Reinsurer to boost reserves as disasters grow

Posted On: Aug. 9, 2019 5:28 AM CST

Fitch Ratings Sri Lanka said that government-owned reinsurer National Insurance Trust Fund is building capital buffers to deal with increasing frequency of natural disasters, Asia Insurance Review reported. The government's decision to increase premium contribution to the reinsurer's disaster insurance program to 1.5 billion Sri Lankan rupees ($8.5 million) in March, from LKR 500 million will support the plan's long-term viability, Fitch added.