SLIC market leader in General Insurance
View(s):Sri Lanka Insurance has upheld its leadership position again as the market leader of the General Insurance sector for 2021 reaffirming the supremacy of the state insurance giant. The flagship brand “Sri Lanka Insurance Motor Plus” also continued its tradition of leadership being the leader of the motor insurance market.
In 2021 Sri Lanka Insurance General reported 5.4 per cent growth in premium to reach a total value of Rs. 21.2 billion amidst the stagnant market conditions, it said in a media release on Wednesday.
Sri Lanka Insurance commands a market share of 21.73 per cent leading the General Insurance market. The non-motor insurance segment recorded a phenomenal growth of 15 per cent achieving a GWP of Rs. 9.5 billion while the Motor Insurance segment achieved a GWP of Rs. 11.6 billion leading the motor insurance segment, the release said.
“Sri Lanka Insurance Motor Plus redefined the motor insurance experience introducing multiple innovative motor insurance products to unique insurance needs of the market. Motor Plus Ladies Only, Motor Plus Tuk, Motor Plus Rider and Motor Plus Commercial are among the exclusive insurance solutions embraced by motor insurance customers in the market. The re-engineered motor claim settlement process facilitates fast-track and contactless claim settlements to customers,” it said.
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