HISTORY OF SLIBA

SLIBA was formed in the heady days of 1987 when after seven years of having the state controlled Insurance Corporation of Sri Lanka (ICSL) competing with the National Insurance Corporation (a body which operated through eight private sector Companies), the Government of the day, bowing to growing pressure, decided to allow the private sector to participate in the industry. On the 1st of January 1988, three private sector insurers promptly commenced operations competing with the state controlled ICSL.

Simultaneously, a number of insurance brokers commenced operations. Insurance brokering was unheard of at that time and those early practitioners had their work cut out for them in conveying the message of insurance brokering to the public in Sri Lanka. Among the early Presidents of SLIBA were Chandra Wijenayake of CF Insurance Brokers Ltd, Nihal Seneratne of Seneratne Associates Ltd, Hema Wijeratne and Upali Wickremaratne of Industrial & Commercial Insurance Brokers (Pvt) Ltd. These veterans of the industry created SLIBA, set its objectives and with firm and steady hands guided the Association through what were exciting (though time consuming) years of development and growth.

Today, SLIBA boasts a relatively large membership with a robust and effective inter-phasing with insurers in Sri Lanka and overseas. Many large international brokers and underwriters are represented through Sri Lankan brokers for services (retail and reinsurance) in the island. SLIBA members are therefore able to link global access with local knowhow in offering professional solutions to risk transfer mechanisms.