Business News Sri Lanka: SriLankan Airlines’ aviation insurance policy will be renewed with Sri Lanka Insurance Corporation for $ 4 million, Cabinet decided recently. Aviation insurance is a mandatory requirement for airline operations. SriLankan Airlines obtained an insurance coverage from the Sri Lanka Insurance Corporation in 2018 with the Cabinet’s approval.
The insurance cover has to be renewed annually, and the standing Technical Evaluation Committee of SriLankan Airlines has recommended that the insurance coverage for the year 2020/2021 be obtained from the same company, the Government Information Department said in a short hand-out.
Accordingly, the Cabinet on Wednesday gave approval for the proposal presented by the Tourism and Aviation Minister Prasanna Ranatunga, to obtain the relevant insurance coverage from Sri Lanka Insurance Corporation for a sum of $ 4.05 million.