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Janashakthi joins Global Giants Hannover Re and Planet Guarantee
to develop MicroInsurance in Sri Lanka.
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Janashakthi Insurance PLC today announced its tie-up with renowned global giant re-insurer Hannover Re and international micro insurance specialist Planet Guarantee to launch a range of micro insurance products in Sri Lanka. |
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The main objective of Micro Insurance is to protect micro enterprises against unexpected eventualities. This vulnerability keeps them continually trapped in the vicious spiral of poverty. In this context, micro insurance is a complementary financial instrument aiming to provide low-income populations with a protection against known and unknown risks. |
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Managing Director of Janashakthi Insurance PLC Prakash Schaffter said that although Micro Insurance is comparatively new to Sri Lanka, the concept is very relevant at this point in time. “With less than 1% of the country’s 19.4 million population covered by micro insurance, Sri Lanka has proved to have massive market potential in this area. Especially in post-war Sri Lanka, with its visible and tangible resurgence of economic activity in difference spheres both at micro and macro level, Micro Insurance is a very useful and ideal tool to assist small entrepreneurs”. |
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“With Janashakthi’s wide and extensive range of insurance products which cater to different levels of society, we are undoubtedly in an ideal position to further the concept of Micro Insurance and popularise it among the targeted socio economic groups across Sri Lanka”, he added. |
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General Manager of Worldwide Micro Insurance Programme, Hannover Re, Claude Vercasson said, “Reinsurance is "insurance for insurance companies”, in other words a “second level of insurance. With our extensive experience in the field of re-insurance and our long and successful relationship with Planet Guarantee, we are indeed proud to join hands with Janashakthi Insurance on this project in Sri Lanka”. |
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With a gross premium of around 8 billion Euros, Hannover Re is one of the leading reinsurance groups in the world. It transacts all lines of non-life and life and health reinsurance and maintains business relations with more than 5,000 insurance companies in approximately 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in around 20 countries with a total staff of roughly 1,800. |
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Planet Guarantee is a company dedicated to the promotion and development of micro insurance around the world. Its objective is to create sustainable Micro Insurance schemes and to offer innovative products that respond to the demand, needs, and financing capacity of micro entrepreneurs and their families. Planet Guarantee provides technical assistance services to insurance companies, reinsurers, banks, microfinance institutions, and all other entities interested in micro insurance.
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