Insurance claims in Colombo are on the rise owing to heavy traffic in the city, an insurance specialist says. “The severity of these incidents are low, but their frequency is high in the Colombo area due to the congestion,” Deepthi Lokuarachchi, Orient Insurance Sri Lanka CEO told the Business Times. He said that this isn’t [...]

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Insurance claims on the rise owing to growing traffic in Colombo

By Duruthu Edirimuni Chandrasekera
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Insurance claims in Colombo are on the rise owing to heavy traffic in the city, an insurance specialist says.

“The severity of these incidents are low, but their frequency is high in the Colombo area due to the congestion,” Deepthi Lokuarachchi, Orient Insurance Sri Lanka CEO told the Business Times. He said that this isn’t the case outside Colombo where while the gravity of the incidents is high, their frequencies are low.

He said that in this context, the general insurance market has grown during the past two years. Mr. Lokuarachchi said that Orient Insurance is gearing to post some Rs 220 million in profit during this financial year. A 100% subsidiary of Arab Orient Insurance owned by the Al-Futtaim Group, the company was launched 10 months ago.

He added that the company has achieved some Rs 54 million gross written premium within the first three months of it’s been in operation. He added that with the economy and the insurance market growing it was a timely entry as the 18th company in the general insurance market. “Orient Insurance is well-positioned, capitalised and structured to be a strong player in Sri Lanka’s general insurance segment. We have a committed set of professionals to take the general business to new heights. The company will offer both corporate and individual customers novel risk solutions; creating more innovation in the industry and bringing Orient Insurance on par with international standards.”

Mr. Lokuarachchi noted that already the company has expanded to 14 locations. He said by next year, the company will increase its distribution. He said that the company was expecting to capture a substantial share of the insurance market which amounts to Rs. 45 billion, competing with the five major insurance giants which garner more than an 84% share currently.




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