📈 IRCSL Hosts Landmark OECD-ADBI Roundtable to Boost Insurance Sector

The Insurance Regulatory Commission of Sri Lanka (IRCSL) successfully hosted the OECD-ADBI Roundtable on Insurance and Retirement Savings in Asia on June 2–3, 2026, in Colombo, coinciding with the Commission's Silver Jubilee. • Global Participation: The event attracted ~75 international delegates from 26 countries, including regional policymakers, insurance and pension regulators, and industry leaders. • Key National Targets: IRCSL highlighted its strategic vision to increase insurance penetration in Sri Lanka to 3% of GDP by 2035 through targeted regulatory reforms, innovation, and enhanced public trust. • Sector Breakdown & Key Discussions: • Climate & Catastrophic Risks: Addressed innovative approaches to manage escalating weather-related hazards (e.g., cyclones, floods) and leveraging capital markets via insurance-linked securities (catastrophe bonds) to expand risk-bearing capacity. • Pensions & Longevity: Discussed expanding asset-backed pension systems to combat Asia's rapidly ageing demographics and the need for reliable lifetime income products. • Digitalization & Trust: Explored balancing data-driven product personalization with consumer data privacy, while strengthening financial consumer protection frameworks to build public confidence. • Capital Markets: Examined the regulatory balance between local and foreign investments by pension funds to support domestic capital market development without breaching fiduciary duties. The successful event positions Sri Lanka as a growing regional hub for policy dialogue and underscores its commitment to long-term financial resilience and structural economic stability. _(Based on provisional event data)_