Ceylinco Insurance settles over 585 claims a day

Ramani KANGARAARACHCHI

Ceylinco Insurance, settles an average of 585 motor claims everyday.

" This is a huge challenge as all these claims are inspected on the spot and settled then and there" Deputy Chairman Ceylinco Insurance Ajith Gunawardena said.

" This is a part from the other general insurance claims which again we settle on the spot.

The company has paid claims to the value of Rs. 2.3 billion during the first three months in 2009 compared to Rs 1.8 billion paid during the same period in 2008, which indicates a 30 per cent growth above what we've paid last year," he said.

During the first quarter of this year the company has made a steady progress making a profit of Rs. 120mn while increasing the investment upto Rs. 23 bn.

The total assets which stands at 39.7 billion also increased by 2.3 bn over last year. "Despite the uncertainties that prevailed during the year , company recorded a total premium income of Rs 4.3 billion, out of which the General Division contributed with Rs 2.5 billion whilst Life Division recorded Rs 1.8 billion.

At the end of the first quarter the shareholders fund stood at Rs 6.3 billion whilst the market capitalization of the company is 4.9 billion which has increased by 25 percent. Today we hold a market share of 35 percent in the insurance industry. We've been recording a steady growth year after year. Ceylinco Insurance commenced its operations in 1978 and then the premium income was Rs. 48 mn and today it has reached a mammoth Rs. 20 bn.

The insurance was predominantly dominated by agents and brokers and Ceylinco Insurance was the first company which introduced a direct marketing force creating a huge positive impact on the entire industry.