Sri Lanka Insurance posts record Rs. 43 bn GWP in 2021
Sri Lanka Insurance closed the year 2021 with a positive note recording a staggering combined GWP of Rs. 43 billion amidst the turbulent time.
In the year 2021 Sri Lanka Insurance reported 14 % growth in life insurance premium increases to Rs.21.9 billion whilst general insurance reported 5.4% growth in premium, for a total value of Rs. 21.2 billion amidst the stagnant market conditions.
The company achieved a combined Gross Written Premium (GWP) growth rate of 9.7 % during the year. Life insurance contributed 51% towards the total GWP whilst General Insurance contributed 49%. Marking 60 years of excellence as the protector of the nation, Sri Lanka Insurance recorded many remarkable achievements during 2021. Sri Lanka Insurance yet again declared the highest Life Insurance bonus in the industry of Rs. 8.6 billion. The insurer was able to produce 189 MDRT members with 5 COT and 1 TOT member for the MDRT conference 2021 marking a historic milestone as the highest ever representation from Sri Lanka Insurance.
In 2021 Sri Lanka Insurance managed to uphold the leadership position of the General Insurance sector and Motor Insurance sector while introducing multiple innovative motor insurance products that cater to the unique needs of customer segments in the motor insurance market.
SLIC Chairman Eng. Vijitha Herath noted, “The past year has been a testing time which compelled us to embrace changes and respond to challenges. As a State-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since inception and we have aligned our corporate goals with the country’s development goals.”
Chief Executive Officer of Sri Lanka Insurance Chandana L. Aluthgama opined, “Operating in a very competitive landscape we have demonstrated our resilience again with the excellent and sustainable achievements during the year 2021. We have evolved to be a beacon of light during the turbulent times safeguarding the nation. As we celebrate the 60 years of excellence we are gearing up to keep the positive momentum with our prudent and sustainable strategic initiatives. We are heading towards an era of transformation where we will continue to grow through strategic investments and diversifications, internal efficiencies and productivity improvements.”
Sri Lanka Insurance was recognized with many awards and accolades in the year 2021. Also, SLIC Life recorded the highest brand value growth among the Life Insurance brands in Sri Lanka. Exploring the avenues to broaden the protection to communities SLIC served different segments, age groups and different affinity groups through product and market development initiatives. SLIC has been making steady progress in transforming its operational architecture and front end customer interfaces to ensure digital integration.
SLIC Mobile App introduced many enhanced features to constantly evolve with the consumer needs and proved to be a significant tool during the pandemic period.
The motor claim settlement process has undergone a major reengineering process to facilitate fast-track and contactless claim settlements to customers. SLIC also increased the digital integration with other service providers to expand the number of payment platforms.