Insurance uncovered: How risk, protection and trust shape growth and resilience

In markets marked by volatility and demographic change, insurance is more than a balance-sheet exercise.

- By RENUKA JEYA RAJ

Senaratne Insurance Brokers Ltd. Deputy Chairman Ainsley J. Alles

When properly understood, it operates as a disciplined social contract — allocating risk, preserving capital and underpinning confidence. In that sense, its quiet role in economic resilience may be now more important than ever.Interview with Senaratne Insurance Brokers Ltd. Deputy Chairman Ainsley J. Alles on the occasion of the launch of his book “Insurance Mastery”.

..How did you first enter the insurance industry, and looking back now, what has changed the most - and what has remained surprisingly constant?

‘«My entry into insurance was largely accidental. In the early 1980s, career paths offering structured professional advancement with growth opportunities were limited, and the National Insurance Corporation (NIC) was one of the few establishments that combined employment with formal qualifications.

I joined NIC in 1982 as a trainee. It offered a program leading to the examinations of the Chartered Insurance Institute, London. This appealed to me, as I was keen to pursue professional credentials while gainfully employed. I was placed in the Fire Insurance department under experienced mentors who had spent decades in the field. Underwriting, in those days, was learned through rigorous apprenticeship and practical exposure, including risk inspections. It instilled in us discipline, responsibility, and a deep respect for the role. Senior management ensured that trainees received sufficient exposure to take on higher responsibilities within the organisation. By the time privatisation loomed a few years later, trainees were well-equipped with part qualifications and practical experience.