Ceylinco General Insurance Ltd has recorded a premium income of Rs.16.1 billion (Rs.16,117 million) in 2016 with an impressive growth of 18.9%, which signifies an increase of Rs.2.5 billion over the previous year.
Announcing excellent results for the year ended December 31,2016, recording yet another exceptional year Ceylinco General Insurance Managing Director Patrick Alwis said last year’s performance was outstanding, and easily the best results recorded in the recent past.
“The insurance arena is dynamic and fraught with stiff competition. Despite the price undercutting practiced by some players, customers have understood the value of ‘Ceylinco VIP On The Spot’.
We have worked hard and worked together, and we have surpassed expectations, once again. We have come out on top, and we remain committed to managing our business, exercising disciplined control and maintaining far-sighted leadership. As always, the most important focal point remains on our driving force - the customer”.
Alwis said: “Ceylinco General Insurance paid claims amounting to Rs. 10.4 billion during 2016, settling all genuine claims in the quickest possible time. This is an increase of 62% year on year.” The sharp increase in claim settlement is a result of the large number of claims we paid,during the floods in May 2016. Claims were paid within a period of 14 days, enabling customers to return to normalcy in the fastest possible time.
Some of these customers had only insured their vehicles, but not their homes, while some had insured their shops, but not their houses. However, Ceylinco General Insurance, looking at the situation from a humane angle, decided to pay a percentage to compensate the damages to their homes as well.”
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