Insurer to invest in Southern hotel

by Lalin FERNANDOPULLE

Sri Lanka Insurance Corporation (SLIC), the fully State-owned insurance establishment plans to invest in the tourism sector by building a hotel in the South.

Managing Director and CEO SLIC, Mohan De Alwis said SLIC is in the process of finalising details for land in Hambantota to build a hotel.

"The hotel will be managed by Sri Lanka Insurance Resorts and Spas which is in keeping with SLIC's new group concept", De Alwis said.

SLIC is planning to increase the branch network in the North and the East this year.The insurer opened a branch in Kilinochchi end last year and it hopes to open branches in Mannar, Chenkaladi and Chavakachcheri next month.

"SLIC has a branch in Jaffna which was relocated to a more spacious office in Nelliadi which marks the sixth in the North", De Alwis said.

The Insurance Corporation hopes to increase the turnover to Rs. 18 billion this year from its current profit of Rs. 15 billion in December 2010.

The company is expecting rapid growth with the end of the conflict", he said.

SLIC and Sri Lanka Telecom launched 'Tele-life' insurance cover for SLT customers at a ceremony on Tuesday.

SLT mega line customers will get Rs. 100,000 life cover at a premium of Rs. 60 plus tax.

Sri Lanka Insurance was set up in 1962 as a State-owned corporation and was later converted into a limited liability company. After a period of six years SLIC was reinstated as a State entity in 2009.