Ceylinco General Insurance announces premium income of Rs.16.1 bln
View(s):Ceylinco General Insurance Ltd has, during 2016 recorded a premium income of Rs.16.1 billion up by 18.9 per cent, from Rs.2.5 billion in the previous year.
Patrick Alwis, Managing Director of Ceylinco General Insurance, was quoted in a company media release as saying, “Despite the price undercutting practised 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”.
Ceylinco General Insurance paid claims amounting to Rs. 10.4 billion during 2016, settling all genuine claims in the quickest possible time, which is an increase of 62 per cent 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,” Mr. Alwis has added.
In 2016, Ceylinco General Insurance added yet another benefit to its long list of value additions; if a brand new or an unregistered vehicle is condemned within two years of purchase, Ceylinco General Insurance will replace a vehicle of similar make and model irrespective of the price escalation. The standard practice is to compensate the amount equivalent to the market price or the value the vehicle is insured for, the release said. This particular value addition enables customers to get a vehicle of similar make and model without the additional burden of losing more money due to the depreciation of the vehicle value once it is registered and subsequent price increases of brand new or reconditioned vehicles.