People’s Insurance PLC records consecutive underwriting profits

The Sri Lankan insurance industry continues its growth as a result of increased awareness on life insurance, introduction of new life insurance products to cater to customer requirements such as retirement solutions and investment products, enhanced customer service, etc, insurance sector experts said in Colombo.

The country has a Rs. 498 billion insur- ance industry in terms of total assets dividing it as Rs. 332 billion and Rs. 166 between Life and General insurance, respectively.

Twelve insurers operate in the life insurance business along with another three other insurers handling both general and life while 13 companies operate as general insurers, they disclosed.

Sri Lanka’s aging population is going to be a major concern and life insurance will play a vital role towards the welfare of these aged people, they said adding that with frequent occurrence of natural disasters, the risks in the life of normal people are also increasing.

Chairman of People’s Insurance PLC. Jehan P. Amaratunga and newly appointed CEO Deepal Abeysekara expressed these views at a ceremony organised in connection with the re-launching of its insurance brand in Colombo recently.

Outlining the performance of the company, Mr. Amaratunga noted that they commenced business seven years back and today People’s Insurance PLC has emerged as one of the most profitable insurers in the country with consecutive underwriting profits during last five years.

It is part of the country’s largest financial group, consisting of People’s Bank and People’s Leasing & Finance PLC and is backed by strong international re-insurers (rated above the minimum standards set by the IBSL), he pointed out.

Newly appointed Chief Executive Officer of People’s Insurance PLC Mr. Abeysekara told the gathering that the company is in the forefront of the non-life insurance industry.

“We are well known among our insured public for our prudent underwriting and efficiency of service. Our successful journey reached a culmination in 2016 when our company was positioned among the biggest stakeholders in the insurance sector after recording an investment portfolio which surpassed Rs. 5 billion,” he said.