Over the last 15 months (March 2020-June 2021) the government has attracted over US$ 950 million in investments, dedicated to revitalising the island’s burgeoning tourism sector, a release from Sri Lanka Tourism Development Authority said.
Of these 64 project proposals have currently been received and 38 projects, to the value of $102.38 million, have received approval. These ventures will be executed under the auspices of SLTDA.
“The level of interest shown by global investors is a positive sign for things to come and indicative of the immense potential inherent to the local tourism sector,” Sri Lanka Tourism Chairperson Kimarli Fernando said.
To ensure a faster and more convenient process for all investors, numerous measures have been put in place. “This new era of strategic investment is like nothing the country has seen before and is set to launch Sri Lanka’s tourism sector into a brave new future. We have taken great care to streamline the investment process, so it is more in line with what international investors expect.
DSI, one of Sri Lanka’s largest footwear retailers with a wide variety of local and international footwear brands, announced a partnership with Dreamron, the local cosmetic giant with a large portfolio of hair and skincare products under three different brands Dreamron, Evon and Aurica.
Accordingly, uniquely designed Sales Counters are made available in selected DSI showrooms, to add greater value to the common customers embracing the shop-in-shop concept.
Under the first phase, Dreamron sales counters are established in the DSI Nawinna Factory Outlet, as well as the DSI showrooms in Wellawatte, Panadura, Negombo and Kurunegala.
The insurance industry overall reported a total Gross Written Premium (GWP) Income of LKR 208,250 million in 2020 compared to LKR 196,472 million reported in 2019, recording an increase of LKR 11,778 million and demonstrated a growth rate of 5.99% (2019: 8.62%) according to Insurance Regulatory Commission of Sri Lanka.
The pandemic has improved the level of awareness on risks that can be mitigated through life insurance which again positively impacted the performance of the life insurers. However, lockdowns subdued the demand for most general insurance products. In particular, insurance classes like motor, marine, travel and aviation have mainly affected and reported premium declines compared to the previous year.
The long term insurance sector generated a GWP of LKR 102,974 million in 2020, up by 15.98% against the GWP of LKR 88,787 million generated in 2019. Product innovation, digitization of operations, remodelling distribution channels, and usage of customer-centric operating models were a few of the key strategies used by long term insurers to achieve business growth during the year.
In contrast, the general insurance sector recorded a GWP of LKR 105,276 million in 2020, posting a decline of 2.24% compared to LKR 107,685 million recorded in 2019 and this restrained performance was mainly due to the sharp decline in motor vehicle imports.
The reinsurance premium income generated by the National Insurance Trust Fund (NITF) from the compulsory reinsurance cession of general insurance business amounted to LKR 3,235 million during 2020, recording a decline of 22.49% against the reinsurance premium of LKR 4,174 million generated in 2019.