Ceylinco Life fetes high flyers
The IMF Resident Representative for Sri Lanka and the Maldives, Dr.
Koshy Mathai said life insurance contributed to risk pooling, mobilising
savings and capital market development, in addition to providing long
term financial protection against the uncertainties of the future.
He said that with life insurance taking away the worry about the
future, those insured were free to get on with their lives and invest in
other avenues. The contractual savings element in life insurance was
also important, since it has been seen that high saving countries are
also high investment countries, while countries with low savings are low
investment countries, Dr. Mathai told the Annual awards ceremony of
Ceylinco Life Insurance.
Many businessmen complain about the difficulty they face in securing
long -term finance, he said life insurance provides strong demand for
long term assets such as corporate bonds, since Life Funds also invest
in corporate debt.
"Overall, there is a lot of empirical evidence suggesting that the
development of the life insurance sector leads to increased economic
growth," Dr. Mathai said.
Ceylinco Life Managing Director and CEO, R. Renganathan stressed that
the company believes that providing long- term financial protection to
policyholders and their families is a sacred trust, and that the company
owes it to policyholders to ensure that their hard-earned monies are
managed with the utmost probity.
"In short, we have no business whatsoever to risk their money on
volatile investments such as the stock market," Renganathan said.