Following improved security situation:
War risk rating - Sri Lanka confident of further downgrading
Sri Lanka is looking forward to a further downgrading of its war risk
ratings towards the end of the year or before. We are grateful to the
political leadership, the defence forces and the police for defeating
terrorism and ending the war which will have a positive bearing on the
ratings, said the Convenor of the Asian Shippers’ Council (ASC) AGM
The ASC AGM will to be held from August 13-15 in Colombo. The
country’s war risk rating was revised from severe rating to high-risk
The overall ratings have five categories of low risk, caution,
medium, high risk and severe.
“We are now at a 3 point level in the high risk category, down from
the 3.4 point level. One category has ten point levels. With the
improved security situation in the country, we hope that our rating will
improve further Sri Lanka has not been assessed after May 18 and once
the assessment is completed we are hopeful that there will be a revision
in the war risk surcharge.
We are trying to achieve the second step ‘caution’ and hope to get
there fast, he said.
The war risk surcharge has affected the country in many ways
including the level of prices of imported items as it accounted for a
substantial portion. The country has enormous opportunities and lowering
the risk rating will be a plus factor, he said.
A country’s ranking is a guideline for insurance companies.
According to the ranking, insurance companies can decide on the
premium. The high-risk ranking is a negative perception and it is wrong
that Sri Lanka is in this category since after May 18 the situation has
We have started lobbing for a downward revision as the ranking was
given based on the assessment conducted in January this year, he said.