Grows by 11.8% to Rs. 1.9b
CICL’s non-life insurance growth, double that of market average

By Ifham Nizam

Ceylinco Insurance Company Ltd’s (CICL’s) non-life insurance business recorded a gross premium income of Rs. 1.895 billion last year, a 11.8% growth over the previous year, CICL’s director technical Jagath Alwis said.

This is a significant achievement because the overall market growth last year over the previous year was 5.8% and our growth is almost double that", he said.’

Gross premium income of both "‘life’ and ‘non-life’ insurance taken together amounted to over R. four billion, an overall growth of 21%. "Despite severe competition, this is a remarkable achievement", said Alwis. "What’s significant is that ‘non-life insurance’ made a profit of Rs. 115 million, a 25% growth over the previous year", he said.

"We have honoured Rs 686 million worth of claims and we also have a reputation for fast claim settlement", Alwis said.

We settle claims within 14 days and motor insurance claims inspection in Colombo are done within 24 hour and outside Colombo within 48 hours", he added. "Every year we launch new products. Last year we introduced two new projects — Ceylinco Support Line, a policy catering to the self-employed and for persons running "very" small businesses — "which has had a very good response, especially in the rural areas", he said.

The other is a policy called Ceylinco Triple Vasi — this policy is an investment linked to a general insurance product. It is the first time in this part of the word an insurance company has launched such a product, Alwis said.

Because general insurance products of this nature are only available in Japan, we have obtained technical assistance from Mitsui Marine and Fire Insurance Company with whom we work very closely.

The company’s life fund has grown to Rs. 5.214 billion, the fastest growing life fund in the industry", he said. The growth over the previous year has been reported as 40%.

During the year, shareholders’ funds increased by 15% to Rs. 877 million.

Non-life insurance reserves increased to Rs. 678 million, from Rs. 548 million the previous year, showing an increase of 24%.

CICL was selected as one of the top four innovators in Asia in the category of ‘innovation of the year", at the Fifth Asian Insurance Awards, held in Singapore.

Asked what is his target for the current year was, Alwis said that he hopes to achieve a gross income of Rs. five billion.