Sri Lanka has been removed from the high risk war insurance list paving the way for increased business growth through reduction of import costs and removal of insurance surcharges, the External Affairs Ministry said in a statement Wednesday.
The Sri Lanka High Commission, London has informed the Ministry that effective from 05th July 2010 Sri Lanka has been removed from all marine war, and marine strikes risk of the Joint Cargo Committee (JCC) Joint Cargo Watch List.
The high level of Ground Insurance Risk that had been assigned to the whole country previously at 2.6 has been removed except for the Vavuniya ' Jaffna Section of the A-9 Highway.
Sri Lanka ended the protracted war with the Tamil Tiger rebels in May 2009 successfully eliminating the three-decade long terrorism that plagued the country and hindered the economic development.
Lloyds Market Association Joint Cargo Committee Review Meeting held in London had decided to de-list Sri Lanka on July 02 following the removal of Sri Lanka from the Joint War Committee Hull War, Strikes, Terrorism, and Related Perils Listed Areas with effect from June 11.
The High Commission has facilitated a comprehensive programme in Colombo for the visit of the international intelligence company and Advisor of the JCC to Colombo facilitated by this Mission and the line agencies/Ministries in Colombo.
The Mission has facilitated several meetings between External Affairs Minister Prof. G.L. Peiris, and a delegation from Ministry of Ports and Lloyds Markets Association and their Advisors.
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 Lanka Ports due to the de-listing of Sri Lanka from War, and Marine risks, down to only a minimal level of Ground risks, the Ministry said.
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