Orient Insurance launched in Lanka

Orient Insurance Ltd., a fully owned subsidiary of Arab Orient Insurance Company of the United Arab Emirates will make its entry to the Sri Lanka’s general insurance market from today.

Arab Orient is one of UAE’s largest and strongest insurance giants with a Gross Written Premium base of AED 1.13 billion, Rs 34 billion, which almost nears the size of total Gross Premiums written in the Sri Lankan market.

As part of its expansion plans, Orient Insurance Ltd , Sri Lanka has been established with a direct foreign investment of Rs 750 millionand benefits fromtechnical assistance extended by its parent who has also introduced world renowned re-insurers Swiss Re, SCORE to take part in the reinsurance programs.

Orient’s Chief Executive Deepthi Lokuarachchi said they will create platforms to offer novel risk solutions to both corporate and individual customers thus adding value to a market which is highlyhighly innovative and managed according to international standards.

Arab Orient Insurance Ltd., part of the prestigious Al-Futtaim Group, UAE enjoys an A rating from Standard & Poor’s and an A (Excellent) from AM Best.

The company is listed on the UAE stock market since 2006.