Ceylinco General Insurance posts Rs 16.1b premium income | Sunday Observer

Ceylinco General Insurance posts Rs 16.1b premium income

Patrick Alwis
Patrick Alwis

Ceylinco General Insurance Ltd recorded a premium income of Rs.16.1 billion (Rs.16,117 million) during 2016, a growth of 18.9%, which signifies an increase of Rs. 2.5 billion over the previous year, Managing Director of Ceylinco General Insurance, Patrick Alwis said.

“Last year’s performance was outstanding, and easily the best results recorded in the recent past. The insurance arena is dynamic and fraught with stiff competition. Despite the price undercutting practiced by some players, customers have understood the value of ‘Ceylinco VIP On The Spot’,” he said.

“Ceylinco General Insurance paid claims amounting to Rs. 10.4 billion during 2016, settling all genuine claims in the quickest possible time. This is an increase of 62% year-on-year. The sharp increase in claim settlement is a result of the large number of claims we paid, during the floods in May 2016.

“Claims were paid within 14 days, enabling customers to return to normalcy in the fastest possible time. Some of these customers had only insured their vehicles, but not their homes, while some had insured their shops, but not their houses. However, Ceylinco General Insurance, looking at the situation from a humane angle, decided to pay a percentage to compensate the damages to their homes as well.