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| Sunday, 27 April 2003 |
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| News Business Features Editorial
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Ceylinco Insurance-General records outstanding performance Ceylinco Insurance-General has declared an outstanding performance in 2002 with a growth of 37 per cent and a gross turnover of Rs. 2,607 million. Together with the turnover of its Life Division, Rs. 2359 million, the company's total turnover exceeds Rs. 4.9 billion. This is said to be the highest growth recorded in the industry. This growth rate is significant considering the slow economy and stiff reinsurance regulations owing to the changing global scenario. Now the company, which has achieved a 24 per cent market share, is set to expand its markets and reach greater heights. Just over 15 years old, Ceylinco Insurance-General is now ready to face the changing dynamics in Sri Lanka, including new competition. It also plans to expand its market by bringing in new consumers to the industry with more innovative products. In Sri Lanka, only about seven per cent of the market has been penetrated by General Insurance companies. Taking this into consideration, Ceylinco Insurance has simplified its product structure to make it appealing to a larger audience.The One Policy concept, which covers several requirements of a customer under a single insurance scheme, has been well accepted by the local insuring public. The Ceylinco One Day Cover, under which for Rs. 5 a person can claim benefits upto Rs. 100,000, has been very popular and plans are afoot to give it a bigger thrust. In the rural sector, Ceylinco is the only company to provide insurance for crops and livestock with speedy settlement of claims. The company is concentrating on developing the rural sector. Ceylinco Insurance has a network of 51 branches and 27 VIP centres including a branch in Jaffna. Another area the company will leverage is its speed in settlement of claims. In some instances, claims have been settled in as little as 24 hours. Overall, any claim is settled within 14 days except for motor insurance, which is settled on the spot. Ceylinco has a representative office in the Maldives and is managing offices in Nepal, Bangladesh and Mauritius. It hopes to venture into other markets in the future. |
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| Editorial | Security Produced by Lake House |
