Business
GI claim settlements of 13 IASL companies hit Rs. 51 billion for FY 2021
The general insurance (GI) industry plays a pivotal role in driving financial and economic growth both locally and globally. Over the past year, with the continuing economic volatility, companies payed more heed to reducing the risks of uncertainty and enormous losses. While the GI sector is instrumental in reducing such risk, it simultaneously encourages companies to take on new investment and innovation opportunities, thereby resulting in healthy market competition as well as sustenance of communities.
In Sri Lanka, the GI claim settlements of 13 insurance companies falling under the purview of the Insurance Association of Sri Lanka (IASL) stood at over Rs. 51 billion for the financial year (FY) 2021, where a total of 816,349 claims were settled during the same period.
Accordingly, the 13 general insurance companies are Sanasa General Insurance Company Ltd., People’s Insurance PLC, Fairfirst Insurance Ltd., Ceylinco General Insurance Ltd., HNB General Insurance Ltd., Co-operative Insurance Company Ltd., MBSL Insurance Company Ltd., Amana Takaful PLC, LOLC General Insurance Ltd., Sri Lanka Insurance Corporation Ltd., Orient Insurance Ltd., Allianz Insurance Lanka Ltd., and Continental Insurance Lanka Ltd.
These GI claim settlements were made across seven classes of business – namely, fire and engineering, marine, medical, workmen compensation, personal accident, general accident / miscellaneous, and motor insurance. Out of this, the category of motor insurance recorded the highest amount of claim settlements at over Rs. 27 billion. The total claims paid stood at Rs. 51,737,934,138.33.
Commenting on the GI claim settlements for FY2021, IASL President Iftikar Ahamed stated, “The general insurance industry has coped and performed exceptionally well despite a challenging economy. Claim settlement has been crucial especially due to the pandemic and subsequent hardships faced by people, where the insurance sector has stood with their policyholders, and the customer-centric attitude adopted by these general insurance companies has played a vital role in quick claim disbursement and strengthened relationships.”
Established in 1989, IASL upholds general insurance best practices and represents the industry in Sri Lanka. Currently encompassing 29 registered life and general insurance companies in the country, IASL is the foremost insurance industry body in the country, whose key objectives are to promote and drive insurance growth and penetration by inculcating professionalism in the insurance industry and harmonizing the overall goals and objectives of all industry participants.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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