"There is low penetration, but we hope to bring our expertise and knowledge and improve the penetration of insurance, it will benefit the consumer and insurance companies."
A 30-year war ended in 2009 and Sri Lanka's economy grew 8.3 percent
last year. This year the economy is expected to grow at 7.
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2 percent.
Murthi said the firm conducted business worth 70 million dollars a year making it the largest insurance broker in Oman.
The joint venture firm expects to be running in two months after regulatory clearances are obtained.
RMS is already present in Pakistan through a subsidiary formed four years ago and it has also signed up a partner in India, which is expected to begin operations later this year.
Sri Lanka's insurance regulator said this week that it will stop entertaining applications for new insurance brokers from April 27 following a flood of