Ceylinco General Insurance records Rs.18bn premium income in 2017

Ceylinco General Insurance Ltd., announced results for the financial year ended 31st December 2017 recently.

Ajith Gunawardena, Chief Executive Officer of Ceylinco General Insurance, announcing the results said: “During 2017, the company recorded a premium income of Rs. 18 billion (Rs. 17,977 million), with an impressive growth of 11.5 percent, which signifies an increase of Rs. 1.9 billion over the previous year.  

When considering the stiff competition that exists in the market, last year’s performance was outstanding. Despite the price undercutting practiced by some players, customers have understood the value of Ceylinco VIP On The Spot.  

“We believe in providing a superior service to our customers and our differentiation is not on price but on our exemplary claim settlement and the value we add to our products and services.  We have worked hard together and surpassed expectations and our own benchmarks. 

“We remain committed in exercising disciplined control and maintaining far-sighted leadership. As always, this performance is entirely due to the firm belief the Sri Lankan public has placed in us, and the efforts of each and every member of the Ceylinco General Insurance family. Our humble thanks and heartfelt gratitude are extended to all those who made such a feat possible.”

Elaborating further on the remarkable figures, Patrick Alwis, Managing Director of Ceylinco General Insurance Ltd, said: “Ceylinco General Insurance paid claims amounting to Rs. 9 billion  (Rs. 8,967 million)  during 2017,  settling  all genuine claims within 24 hours. This includes the large number of flood and cyclone claims that were paid within a period of 14 days, enabling customers to return to normalcy in the fastest possible time. We are the only company to do so.”  

Alwis further said, “I pay a special tribute to the staff of Ceylinco General Insurance who acted promptly to pay compensation to all of its policy holders with flood and cyclone cover who were affected by the floods and the inclement weather that created havoc in 2017. We assure the insuring public of our continued efforts to bring better and faster solutions to benefit them even further.” 

In a landmark move, in August 2017, Ceylinco General Insurance announced yet another innovation in Motor Insurance - a Rs. 1 million cover that reimburses medical costs incurred in the treatment of  heart disease, cancer, kidney failure, stroke and  several other serious illnesses including heart attack and open heart surgery, major organ transplants, chronic lung and liver diseases, deafness, blindness, multiple sclerosis, paralysis etc.  Introduced as an exclusive benefit for Ceylinco VIP On The Spot policy holders, this benefit will undoubtedly ease the financial burden to a great extent in the event of an illness