Sri Lanka’s insurance giant SLC strongest in the region

Insurance giant, Sri Lanka Insurance Corporation (SLIC) has laid claim as one of the strongest insurance companies in the Asian region.
Hemaka Amarasooriya, Chairman, SLIC at the media conference held at Cinnamon Grand Hotel on Tuesday, declared that it is a fact that SLIC paid the largest ever insurance claim - Rs. 37 billion - when two aircraft were bombed by terrorists at the Katunayake Airport, the highest claim not only in Sri Lanka but also in Asia.
“I like to touch base on the fact that Sri Lanka insurance paid the largest ever insurance claim where two aircraft were bombed by terrorists at the Katunayake Airport and we paid Rs 37 billion which is the highest claim not only in Sri Lanka but also in Asia,” he said.  
Raising the question himself of “how you can do this”, he said that it was possible because SLIC is backed by some of the best known reinsurance companies in the world. He said that there is this story going around that they should not have the monopoly of the state sector covering insurance. But he indicated, that then other insurance companies in this country cannot pay this kind of claim and it was paid within two weeks after the incident.
He said that it is the reliability of an ‘old man’ of insurance in Sri Lanka.  Indicating that they are interwoven with the social fabric of the country, he said that they are very strong in the rural population and in vulnerable areas, because their name is trusted and their plan is to expand their work into the rural hinterland.
He said that they have emerged as the number one in general insurance with a healthy market share of 21.3 per cent as at December 31, 2017.  SLIC, he said commands a market share of 22.69 per cent in the non-motor sector and an over 20 per cent share in motor, leading both sectors of the general insurance market. (QP)