Richard Pieris forays into insurance sector

by Rohana JAYALAL

Richard Pieris and Company PLC added another product to Sri Lanka's insurance market under the brand name 'Arpico'. with an investment of Rs. 700 million.

Group Chairman, Dr. Sena Yaddehige (second from left), Group Director Operations Ravi Liyanage and other officials at the media briefing. Pic: Chinthaka Kumarasingha

'Insurance for the living' the new venture is part of the Group's diversification plan will extend financial services offered by the group from the current stock broking and financial asset management.

The service portfolio is made up of an education plan, hospitalisation plan, income replacement plan, retirement plan, health plan, group assessment plan, critical illness plan, investment plan, loan protection plan and lifetime surgery plan.

Group Chairman, Dr. Sena Yaddehige said, "Even though we developed and controlled another insurance company for eight years, we wanted to venture into the insurance industry under our own name, our brand and logo.

It is in many ways a fresh start, we want to create a new market space and the insurance company will offer benefits which the customers can enjoy while living while continuing to provide for those who live.

The general perception is that there should be a death to reap the benefit of life insurance.

Here we create a new space for insurance for life. Group Director Operations Ravi Liyanage said, "Don't postpone life and here we present a chance to do just that. There has been a 30 percent premium growth in local life insurance. It is believed that less than 11 percent of the population is insured and only 27 percent of the workforce is insured. The scope for life insurance in the country is great. This venture would enable us to maximise shareholder value while contributing to the growth of the country.