There are several Green initiatives proposed in Sri Lanka’s Budget 2018. Among these is an important proposal to provide index-based climate insurance to Sri Lankan farmers – a proposal put forth by IPS in the past. This blog analyses the feasibility of the insurance proposal and how it can be implemented successfully to benefit farmers in Sri Lanka.
Although microinsurance is considered a tool for addressing gaps in insurance coverage and a means of improving social safety nets in the country, the absence of a clear focus on microinsurance within insurance legislation continues to be an impediment. In this context, this article examines whether regulating microinsurance is a necessity or whether it could discourage the industry’s progress.
Even though most Sri Lankans, especially those in poor and rural communities, are vulnerable to various types of risks, the demand for insurance is significantly low. This article by Manoj Thibbotuwawa examines microinsurance as an alternative to regular insurance and provides recommendations to make microinsurance schemes more viable in Sri Lanka.