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Friday, June 19, 2009 - 7.20 GMT |
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War-risk rating
of Sri Lanka for insurance down graded |
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The Sri
Lankan
insurance
market
has
received
a boost
with the
Joint
Cargo
Committee
(JCC)
London
lowering
the risk
rating
from 3.4
to 3.0,
following
a
reassessment
of the
war risk
level
currently
pertaining
in Sri
Lanka.
The JCC
risk
levels
are in
five
categories;
‘severe’,
‘high’,
‘elevated’,
‘caution’
and ‘low
risk’;
as per
the
Country
Risks
Evaluation
and
Assessment
Model
(CREAM).
Sri
Lanka
has also
been
taken
off the
‘Air-war/Strikes
risk
list by
the JSS.
The
currently
applicable
risks
are
‘Marine
War’.
‘Marine
Strikes’
and
‘Ground
War
Strikes’.
The
removal
of war
risk
rating
by the
JCC
follows
negotiations
initiated
by the
Insurance
Board of
Sri
Lanka
and is
in
keeping
with the
prevailing
situation
following
the
defeat
of the
LTTE and
terrorism
of the
country.
Sri
Lanka is
listed
in the
Global
Cargo
Watch
List (GCWL)
issued
by the
JCC.
Foreign
underwriters
covering
cargo
into
Colombo
use
their
own
discretion
in
determining
risk
rates
and
levying
surcharge
on goods
imported
to Sri
Lanka,
resulting
in
higher
prices
for
imported
goods.
The
Joint
War
Committee
has
listed
Sri
Lanka as
a ‘high
risk
country’
and this
too
prompts
ships
carrying
cargo to
Sri
Lanka to
be
surcharged.
The
Insurance
Board of
Sri
Lanka
has
appointed
a
committee
including
representatives
of the
Insurance
Industry
to work
towards
the
removal
of war
risk
surcharges
as per
the
war-risk
status
determinations
by the
JCC and
JWC.
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