Colombo War risk premia reduced by 33%
[November 9, 2001 - 11.15 GMT]

“A 33% reduction in additional war risk premia from 0.075% to 0.050%, which is to be activated from November 12, was a victory,” said the Minister of Port, Shipping and Fisheries Minister Mahinda Rajapakse.

The London underwriters decided to make a downward revision with effect from November 12, Monday, following lobbying by the Government through Sri Lanka High Commission in UK, Mangala Moonesinghe.

A 16-member team led by the Trident maritime submitted a report to Lloyds of London after doing a security audit on seaport and airport in Sri Lanka.  This team had intimated to the war Risk Rating Committee that the security arrangements were satisfactory at sea ports and the airport while several more recommendations have been made as well. 

“Once the recommendations are implemented Lloyds of London is expected to review the Sri Lankan situation and further reduce the additional war risk premia to 0.037% within the next four weeks,” said the press release.

In the press release the Minister Mahinda Rajapakse, thanked the War Risk Rating Committee, Lloyds of London for the reduction of the premia, as it will have a positive effect on the Sri Lankan economy.

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Last Updated Date: November 9, 2001  - 11.15 GMT.