Press briefing of Cabinet Decision taken on 2018-10-23

Reinsurance Cover for the National Natural Disaster Insurance Scheme (NNDIS)

- An Insurance Scheme was introduced in the year 2016 to protect the entire Island from the natural disasters. The said insurance scheme has been activated by the National Insurance Trust Fund under which the insurance cover amounts to about Rs.15 billion by now. As such, the proposal made by Hon. Sagala Ratnayake, the Minister of Youth Affairs, Project Management and Southern Development, to obtain a reinsurance cover from the reputed International Reinsurance Companies in order to minimize possible risk to the financial status of the National Insurance Trust Fund, due to the damages caused by the natural disasters, was approved by the Cabinet.