Assurance enters insurance market
Prudential Assurance Lanka Ltd (PAL), last week became Sri Lanka’s
15th and newest insurance company to enter the country’s largely
untapped Life and General insurance markets, offering an array of
innovations hitherto unknown in the industry.
them are three novel protection plans – ‘Vinivida’,
the flexible protection and investment plan, ‘Naya Sahana’,
the loan protection plan, and ‘Uththunga’, the family
protection plan, all of which have attractive and competitive premium
rates, innovations and many rider benefits, the company said in
a statement. It is headed by Dr. Wimal Wickremasinghe, an economist
and former politician, as Managing Director/CEO. Among its highly
qualified staff are Gnanasiri Talagala, General Manager (General)
who is a Fellow of the Chartered Insurance Institute and Chartered
Insurer (London), Chandrasiri Kevitiyagala, DGM (Life) who is an
Associate of the Chartered Insurance Insitute (London) and Samitha
Sooriyarachchi as Marketing Manager.
Dr Wickremasinghe said that the Company’s prime objectives
are to service customers, issue and dispose of insurance policies
without delays together with the prompt payment of claims.
said that though a number of insurance companies exist in Sri Lanka,
there still is potential for more insurance companies to operate
a vibrant business. “This is due to the fact that the coverage
of insurance in this country, both in life and general insurance
is dismally low, the former being less than 15%. With our strong
financial backup and aggressive marketing strategy with innovative
and attractive policies, we are confident of finding a niche in
the insurance market for which there is a lot of potential which
remains both untapped and unexplored”, the Prudential chief,
who was chairman of Sri Lanka Export Credit Insurance Corporation
in the late 1980s, said.
company’s Life Insurance business is reinsured by Munich Reinsurance
Company, Germany, one of the most trusted and reputed reinsurance
companies in the world. In the field of General Insurance, it is
reinsured by Allianz Re, General Insurance Corporation of India,
Mitsui Sumitomo, BEST Re, Toa Re and Labuan Re through an internationally
reputed broker, JLT Risk Solutions (Asia) Pvt Ltd in Singapore.
The Board of Directors of the Company are T.M.D William (Chairman)
J.S Dissanayake (Deputy Chairman), Sriyal Dissanayake, Dr. Wimal
Wickramasinghe, D.L.W. Talagala, Nihal Fonseka and V.Gunarathne.