Life is full of uncertainties. The cost of living changes often, people have good and bad days at work, the performance of the Colombo Stock Exchange (CSE) varies annually, and then there is the small matter of insurance; insurance for your house, automobile, family and retirement insurance. If you are a business owner, this extends to your employees and business assets as well. This blog is dedicated to those who want a plain English guide to the seemingly complex world of insurance.
This begs the question, ‘Why bother with all these types of insurance?’ Most readers would feel that they lead a risk free life, have a house located in a low crime/crime free area, and generally admit to driving carefully (most of us, anyway!) on the congested streets of Colombo. However, things have a tendency to happen. Your car might break down en route to an important business meeting, your roof may spring a sudden leak in the middle of a thunderstorm, and your child may get badly injured while playing sports. That’s when you will wish you had insurance. Having the peace of mind in knowing that you and your family are protected against life’s uncertainties is an investment worth making.
According to the Insurance Board of Sri Lanka (2013), there are currently over 20 companies which you, the customer can choose from. Within each of these firms, they offer a variety of options, to the point where you can get overwhelmed. Fortunately, with a few clicks it becomes much easier to compare the pros and cons of each supplier to establish whether their package fits YOUR individual needs. For example, an owner of a hybrid will be more inclined to look for motor insurance which caters to hybrid automobiles as that customer has a specific requirement which needs to be fulfilled.
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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.