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Union Assurance (UAL) opened their branch office in Jaffna yesterday further consolidating their presence in the North. The opening of the new branch office brings the tally of UAL branches to 43 offices islandwide.

The company's presence in the North and East builds business confidence in the present positive economic climate ushering in a new era of peace. Despite several companies having expressed interest in venturing into Jaffna, UAL is the first private sector company and the first private sector insurer to set up shop in the now peaceful peninsula, CEO, Sarath Wickramanayake said.

"We are going into uncharted territory. The logistics of setting up in Jaffna were out of the ordinary. Jaffna poses many logistical issues in terms of transport, accommodation and even training. Carrying out training programs is a real challenge, he said.

UAL has had a strong presence in the North and East for several years and has developed long-standing and very cordial relationships with the people in these areas, but it was only recently that we decided to open branches in the region. Opening our offices in those areas enable us to grow faster than before by having a location there, he said.

UAL's GM Marketing, Ramal Jasinghe said:"We are confident of capturing the General insurance and Life insurance market segments. Jaffna people are reputed for their thrift, prudent planning and decision-making. Northerners have the reputation for being thrifty, which is backed by actual banking and insurance statistics. Life insurance is an important aspect of planning for one's financial future."

The company also ventured into Batticaloa and Trincomalee recently. Even during the turbulent times, long before the present peace process was begun, we were operating in these areas, he said.

"We have a unique quality of adaptability which gives us the edge when merging with the people of the area and when meeting their requirements," said Nihal Handunge, AGM Zones 1 & 2, UAL who spearheads UAL's Northern operations. UAL has the infrastructure to deal with the requirements of the Jaffna people, be it answering a query or paying out a claim, and our system facilities will soon give the people of Jaffna on-line connectivity to access their accounts at the touch of a button," he said.

"Operating as the first private insurer in Jaffna is something we are very proud about and will keep us in good stead in the future. We are also very excited that we will be able to give vast numbers of people in the North gainful employment. There is enormous potential for developing Life business. This gives us the opportunity to work with a lot of people. As the economy grows, the scope for General insurance will also expand," Mr Wikramanayake said.

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