The Insurance Regulatory Commission of Sri Lanka is pleased that the National Insurance Day and Month are being commemorated for the 7th consecutive year since 2017, marking an important milestone in the insurance industry of Sri Lanka.
The significance of National Insurance Day and Insurance Awareness Month lies in celebrating the achievements and novel developments of the industry while focusing on the vast potential that could be utilized for growth and resilience in the future.
The theme for National Insurance Awareness Day 2023 revolves around “Staying Aware is Staying Protected”. It encourages everyone to be insurance-literate. Insurance-literate consumers can assess risks and make informed decisions about the suitability of insurance products for their specific situations. When consumers are more informed, they make better insurance decisions. Insurance literacy empowers and secures consumer’s life like no other understanding and comprehension can ever do. Therefore, insurers need to take one more step to make consumer education interactive in order to foster trust.
In response to changing market conditions and emerging technologies, the insurers will need to adopt transparent, consumer-centric practices, ultimately fostering trust, and offer innovative and flexible products that meet the evolving needs of consumers. To remain competitive, insurers will need to embrace digital transformation and develop a strong online presence.
Going forward, IRCSL and the industry work together to address the challenges facing the industry and ensure that consumers are informed and protected. By doing so, the insurance industry in Sri Lanka can continue to grow and contribute to the country’s overall economic development. I firmly believe that the insurance Association of Sri Lanka (IASL) will conduct awareness programs throughout the month with the aim of facilitating the development of the insurance industry. I wish to thank the Insurance Association to Sri Lanka (IASL) for their continued support, cooperation, and cordial relationship they continue to maintain with IRCSL.
Razik Zarook P.C.
Chairman
Insurance Regulatory Commission of Sri Lanka
