SLIC regains top position in General segment says Chairman | Sunday Observer

SLIC regains top position in General segment says Chairman

Hemaka Amarasuriya   pic: Vipula Amerasinghe
Hemaka Amarasuriya pic: Vipula Amerasinghe

Sri Lanka Insurance (SLIC), which lost its domineering status in the General Insurance business plans to become the leading player in the Life segment and maintain its No 1 status in both segments of the industry, a top official of the company said last week.

The company restored its leadership in the General Insurance segment with a market share of 21.3 percent as at December 31, 2017.

“We will be the No. 1 player in the General and Life insurance sectors in the country very soon, overtaking the rest of the players in the industry, said SLIC Chairman Hemaka Amarasuriya while addressing the media on its achievements last week.

“We have embarked on a mega insurance promotional drive including the school insurance program that has turned out to be a huge success,” Amarasuriya said.

SLIC also has launched a restructuring program to capture a larger market share and go for its goal of becoming the leading insurance player in the country.

The company commanded a market share of 22.69 percent in the Non-motor sector and a 20.5 percent in the Motor sector leading both sectors in the General Insurance market. SLIC’s General Insurance business recorded a market growth of 20.5 percent during the above period compared to the corresponding period of 2016.

“This is a noteworthy achievement considering the General Insurance industry growth rate of 15.8 percent during the year under review,” Amarasuriya said.

The company’s Gross Written Premium of the General Insurance sector for this period was Rs. 88.9 billion while the Compound Annual Growth Rate over the period from 2013 to 2017 was 7.89 percent.

Insurance penetration in the Life segment in the industry has been drastically low over the years due to lack of awareness and interest in having a life protection cover.

Acknowledging the need to develop the segment Amarasuriya said the company carrying out programs at grass root levels at the rural and semi urban areas to raise awareness of the importance of life insurance.

Referring to the intense completion from the industry, comprising 28 insurance companies the company achieved the feat amid competitors from the private sector and multinational companies buying into Sri Lankan companies . However, our strategy as the pioneer in the industry for over five decades has enabled us to maintain trust placed on us and forge ahead in the industry.

SLIC was swift to come in and play claims amounting to around Rs. 37 billion within two weeks following the terrorist attack on the airport.

The company honoured General Insurance claims worth Rs. 9.3 billion of which Rs. 6.9 billion was related to Motor and Rs. 2.4 billion was in non motor. The company settled over Rs. 600 million in claims during the floods in 2016 and paid Rs. 350 million as flood claims in 2017.

The company launched the Bee Express service to expedite motor claim settlements.