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Friday, December 13, 2019
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SLPA to lobby Lloyds of London

Sri Lanka is to lobby Lloyd's of London to remove the 'war risk' tag on the country, which kept insurance premiums high, following defeat of the LTTE by the military last week.

Sri Lankan authorities will soon approach Lloyd's of London, a British insurance market, with a request to review its classification of the country as a region with a war with ships calling on Colombo having to pay a war risk premium, Sri Lanka Ports Authority (SLPA) sources said. "The SLPA have had some preliminary discussions with Lloyd's but we hope to make an official representation soon.

It will be calling on Lloyd's at London soon and I will invite them to Sri Lanka," the source said. Sri Lanka can expect the negotiations to be successful and will expect ship agents and ship owners in Sri Lanka to help us by lobbying with Lloyd's. The LTTE guerillas have attempted to hit the port of Colombo several times.

Though international shipping is slowing and the port has also seen a slowdown in transshipment traffic, it is trying to attract new business, including lay-ups where idle ships are anchored for a fee.

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