Press briefing of Cabinet Decision taken on 2017-12-19

Implementation of a Reinsurance Programme to cover Agricultural Insurance Schemes funded by the National Insurance Trust Fund (NITF)

- Considering the increase of the benefits provided under various agricultural insurance schemes funded by the National Insurance Trust Fund during the past period and the escalation of the possible damages to the crops to be caused by various natural disasters, it has been decided to obtain a re-insurance cover for the said insurance schemes.

Bids have been called upon to select an institution for the purpose and the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs, to enter into Agreements with the Swiss Re Asia PTE Ltd. and J.B. Boda & Co(S) PTE Ltd. of Singapore for obtaining the re-insurance facility at a sum of Rs.257.8 million for the period of 2018-01-01 to 2018-12-31 (inclusive of both days) as recommended by the Cabinet Appointed Procurement Committee (CAPC), was approved by the Cabinet.