Ceylinco General announces premium income of Rs. 19.1 billion in 2018

Sri Lanka’s insurance giant, Ceylinco General Insurance Ltd., reported strong results for the financial year end December 2018, reporting premium income of Rs. 19.1 billion, up by Rs. 1.2 billion in 2017.

Announcing the details of the impressive performance, Patrick Alwis, Managing Director / Chief Executive Officer of Ceylinco General Insurance, said: “This performance is even more valuable against the backdrop of volatile conditions that prevailed during the last financial year. More importantly, despite the price undercutting practiced by some players, customers have understood the value of Ceylinco VIP On The Spot.”

In a media release issued by the company, he added: “We are proud of the fact that our differentiation is not on price but on our exemplary claim settlement and the value we add to our products and services.”

The company paid claims amounting to Rs. 9.3 billion during 2018, settling all genuine claims within 24 hours.

In 2018, Ceylinco General Insurance announced yet another breakthrough in general insurance by extending its serious illness benefit offered to Ceylinco VIP policy holders to all non motor policy holders as well. “Hence, they are entitled to a cover up to Rs. 1 mil- lion that reimburses medical costs incurred in the treatment of heart disease, cancer, kidney failure, stroke and several other serious illnesses, including heart attack and open heart surgery, major organ transplants, chronic lung and liver diseases, deafness, blindness, multiple sclerosis, paralysis etc. This policy will undoubtedly ease the financial burden to a great extent in the event of an illness,” the release said.

A comprehensive cover was also introduced for students wanting to pursue higher education, covering serious illnesses, accidents, death or disablement of parent or guardians etc which enables them to continue with their higher studies unhindered, even if an unforeseen event occurs. Introduced with three plans, with affordable premiums, Ceylinco Higher Education Policy will benefit a large number of students pursuing degree programmes, those reading for their Masters as well as other professional and vocational study programmes.

“This performance is even more valuable against the backdrop of volatile conditions that prevailed during the last financial year. More importantly, despite the price undercutting practiced by some players, customers have understood the value of Ceylinco VIP On The Spot.”