Sri Lanka’s NITF to take a hit on cyclone, other firms have more re-insurance: Fitch

ECONOMYNEXT – Sri Lanka’s state-run National Insurance Trust Fund, will take a bigger hit from Cyclone Ditwah losses, while other insurance companies have substantial re-insurance cover, Fitch Ratings has said. NITF is a domestic re-insurer which gets compulsory premiums from others. “Early industry estimates by most Fitch-rated non-life insurers indicate that a handful of large commercial losses and a cluster of motor claims will form the bulk of insured losses,” the rating agency said. “The full loss assessment will take time due to operational challenges. Some areas are not yet fully accessible, and garages and assessment facilities are already operating…

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