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Insuring public will benefit from leadership debate

'Leadership afterall, like beauty, is in the eye of the beholder' - Ceylinco Chairman

The Ceylinco Consolidated, Chairman, Dr. Lalith Kotelawala yesterday said that the intense competition for leadership among the leading insurance companies in the country would only give immense benefits to the insuring public.

In an apparent move to put an end to the hot debate over which company leads the insurance business in Sri Lanka Dr. Kotelawala yesterday admitted that Ceylinco Insurance leadership announcement has created some confusion and controversy in the industry.

The debate started when Ceylinco Insurance Co. Ltd recently announced that it captured the overall market leadership in Sri Lanka's competitive insurance industry, ending four decades of dominance by the once state-owned Sri Lanka Insurance Corporation Ltd. (SLICL).

Claiming leadership, Ceylinco Consolidated Chairman said both Life and General Insurance Divisions of the company had emerged market leaders in their respective segments in terms of total premium income in 2004.

Responding to Ceylinco's claim the Sri Lanka Insurance Corporation said it still maintained the leadership in the industry as far as the size of its asset base is concerned which resulted in the two companies getting entangled in a massive publicity campaign.

However, Dr. Kotelawala said in his press release yesterday : "Leadership after all, like beauty, is in the eye of the beholder," perhaps meaning to put an end to the debate although he did not mention whether he wished to surrender the leadership to the former leader, SLIC.

"I wish to state that intense competition for leadership would only give immense benefits to the customers-the insuring public; as it is clearly doing now. Ceylinco will continue to innovate and aggressively market their insurance products.

As for myself, I have personal regard and affection for the Chairman of SLIC, Harry Jayawardena. He is a Sri Lankan business entrepreneur, who has, and is, contributing immensely, to the economic resurgence of Sri Lanka," Dr. Kotelawala said.
 

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