Janashakthi settles over Rs.12 b claims

Janashakthi Insurance which established its Number 3 position in the General Insurance market within a short span of 10 years paid 17,633 claims amounting to Rs.672 million during the first quarter of 2009 covering both lines, Life and General. Janashakthi paid over Rs. 12 billion during the past five years of which Rs. 2.35 billion was in 2008.

General Manager Sales and Marketing Ravi Liyanage said, "swift claim settlement is a key factor in the insurance business.

The very essence of the insurance business is to serve our customers in the time of need.

We have a proven track record in claim settlement in the past and Janashakthi was the only Insurance Company to pay over Rs. 5 billion during the biggest natural catastrophe, tsunami in 2004. "We are able to process claims in a timely and accurate manner due to our prudent financial and risk management competencies baked by a professional underwriters and risk managers who are ably supported by world renowned re-insurers such as Hannover Re, Scor, Toa Re, GIC and Best Re."

"Our proven track record undoubtedly enabled us to build confidence among the public.

Janashakthi Insurance has the highest stated capital among quoted insurance companies amounting to over Rs.1.49 billion, which is over 7.5 times the statutory requirement.

The company is also backed by an asset base of Rs.10 billion, Rs.2.5 billion in Government securities and the only insurer to acquire a state owned insurance company.