These are changing times for Sri Lanka’s insurance sector. Major regulatory moves over the last two years have seen much strengthening and consolidation, with these processes set to continue in the year ahead. Profitability remains high, particularly in the life insurance segment, while in the non-life segment a fiercely competitive...
Recent times have seen the government and private sector take significant steps to strengthen Sri Lanka’s insurance industry. These have involved regulatory measures to make it both deeper and narrower, while outreach campaigns to demonstrate to ordinary citizens the benefits of being insured have been launched. On this latter point, the...
The year 2016 saw significant developments in the legal reform sphere. The most fundamental development was without a doubt the enactment of the Right to Information (RTI) Act. Many commentators consider that the RTI Act will be transformational and will go a long way to making government properly accountable. Minimum wage legislation was...
The much-awaited budget speech for 2017 delivered on many fronts, particularly revenue measures and tax administrative reforms, with an aim to improve overall business sentiment. The shift that was seen with most new revenue proposals was that they are now targeted at improving the direct tax contribution towards revenue. Unlike in 2016, some...
With sustained double-digit growth in visitor arrivals and burgeoning foreign exchange receipts, tourism is one of the most dynamic and robust sectors of the Sri Lankan economy. The country’s growing reputation is drawing visitors from an increasingly diverse range of markets to its pristine beaches, historical landmarks and adventure-packed...
Further investment in accommodation will be necessary to ensure growing demand from both foreign arrivals and domestic travellers in Sri Lanka is met. In 2015 the country’s hotels saw a 12% year-on-year increase in foreign guest nights to 8.945m, while Sri Lankans spent 1.588m guest nights in tourist hotels.
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