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Thursday, July 15, 2010

Sri Lanka removed from cargo war insurance risk list

July 15, 2010 (LBO) - International insurers have removed Sri Lanka from their cargo war insurance list paving the way for reduced import costs, removal of surcharges and increasing business confidence, a government statement said.

The Foreign Affairs Ministry said Sri Lanka has been removed from all marine war, and marine strikes risk of the Joint Cargo Committee Joint Cargo Watch List by Lloyd’s Market Association with effect from July 5, 2010.

"In addition, the Ground Risk of 2.6 (High Level) previously applicable for the entire ground in Sri Lanka is now confined only to the Vavuniya – Jaffna Section of the A-9 Highway(in the island's north)," it said.

The removal of the island from the cargo war risk insurance list comes in the wake of Sri Lanka's removal from the marine hull war risk insurance list in June by the Joint War Committee in London.

That came after the island's 30-year ethnic war ended in May 2009 with the defeat of Tamil Tiger separatists by government forces.

The removal of Sri Lanka from the cargo risk list move follows lobbying by the government of Sri Lanka at the "highest level" in London, the statement said.

This included meetings between Minister of External Affairs, Gamini Peiris and a delegation from the Ministry of Ports last year and Lloyds Markets Association and their advisors.

The Sri Lankan High Commission in London has also been lobbying.

"Post-war economic revival would be greatly boosted with increased business confidence, reduction of the cost of imports, removal of insurance surcharge, and inducement for more shipping lines to call over at Sri Lankan ports due to the de-listing of Sri Lanka from War, and Marine risks, down to only a minimal level of Ground risks."

The de-listing of Sri Lanka from a high level of 2.6 risk on marine war risk, and marine strikes risk comes in the wake of Lloyds Market Association Joint Cargo Committee (JCC) Review Meeting held in London on July 2, 2010.

The JCC said in a statement their removal of Sri Lanka from the cargo risk list followed an assessment by Exclusive Analysis, the international intelligence company advising London insurers of war risk, which visited Colombo.

source - www.lbo.lk