ECONOMYNEXT – Sri Lanka's state-run National Insurance Trust Fund is re-insuring its agricultural cover amid rising claims.
The NITF had make higher volumes payments for crop damage from natural disasters in recent months, requiring re-insurance, the state information office said.
The cabinet of ministers had given the nod for NITF to re-insure crop cover with Singapore-based Swiss Re Asia (Pte) Ltd and J B Boda and Co (S) Pte Ltd, for 258.7 million rupees.
Sri Lanka has seen volatile weather in the last few years including droughts and floods at the same time in different regions of the island. (Colombo/Dec22/2017)