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Sri Lanka Mobilises Nearly Rs. 1.9 Billion for Post-Cyclone Recovery as Fast-Track Insurance Payouts Begin

Sri Lanka’s post-disaster recovery drive, the “Rebuilding Sri Lanka” programme launched in response to the devastation caused by Cyclone Ditwah, has secured a total of Rs. 1.893 billion (approximately USD 6 million) in funding, according to the Secretary to the Ministry of Finance, Planning and Economic Development, Dr. Harshana Suriyapperuma.

The funds have been mobilised from domestic contributions, overseas Sri Lankans, and a range of public and private institutions, reflecting a broad-based effort to support national recovery.

Dr. Suriyapperuma further noted that a high-level discussion, led by the Insurance Regulatory Commission of Sri Lanka and involving the heads of all insurance companies, was recently held to put in place a comprehensive compensation framework for businesses, properties and individuals affected by the cyclone.

During the meeting, insurance sector representatives confirmed that fast-track compensation mechanisms are already being implemented. Payments for minor property damage have commenced, while compensation for major losses will follow the collection of detailed assessments. Importantly, insurers have also agreed to release a portion of compensation funds immediately, even before full evaluations are completed, to ease the immediate financial burden on affected communities.

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