Suspension on ABC Insurance lifted

The Insurance Board of Sri Lanka having considered the corrective measures taken by ABC Insurance Company Ltd to comply with General Insurance Rules lifted the suspension of registration imposed on the company from April 22.

The suspension was lifted in terms of Section 18 (4) (a) of the Regulation of Insurance Industry Act, No 43 of 2000.

Managing Director ABC Insurance Ltd., Vinnie Gunaratna said the company has taken insurance to the village within three years and there has been a good response for life and general insurance from various sectors.

“In taking insurance to the village we not only fulfil the insurance needs of people in rural areas but also create employment opportunities for unemployed youth”, Gunaratna said.

ABC Insurance, a fully local company set up in 2005 has a branch network covering 12 districts. The company plans to expand its branch network covering the entire country next year with its customer-centric services. The company has 25,000 customers in the General and Life insurance segments.

He said that the company has launched policies for farmers, peasants, Security Forces personnel, fishing communities and those in high risk sectors providing security to dependents.

ABC Insurance achieved 195 per cent growth in premium last year compared to the previous year. The company had a premium growth of 634 per cent in 2006 compared to 2005.

Gunaratna said the demand for insurance increased in the country after the tsunami and the sector has been performing well over the years. With the increase in risk the confidence in insurance among those in rural areas has grown. LF