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Sri Lanka Insurance Corporation General poised for strong growth following official segregation

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Chandana L. Aluthgama, Group Chief Executive Officer, SLIC (L) / Priyantha Perera, Chief Operating Officer, SLICGL (R)

Sri Lanka Insurance Corporation General Ltd. (SLICGL), the general insurance subsidiary of Sri Lanka Insurance Corporation Ltd. (SLIC), is entering a new phase of growth and innovation following its official segregation on February 1st, 2024.

Commenting on the outlook for SLICGL, Chandana L. Aluthgama, Group Chief Executive Officer, SLIC said, “After over 62 years of successful operations, the mandated separation of the life and general insurance businesses enables us to be more focused in our business strategies and ensures improved efficiency and effectiveness when serving our customers. Understanding this critical pivot, we have adapted to regulatory requirements as well as market dynamics and initiated operational separation across segments in 2018.”

He further added, “Hence, while 2024 signals the legal culmination of the segregation, we are already seeing results of our focused business approach. For example, despite industry and national challenges, SLICGL has demonstrated exceptional performance in 2023, a growth story that speaks volumes about our performance and potential in the general insurance industry.”

While the overall general insurance sector posted an average growth in Gross Written Premiums (GWP) of 5.7% in 2023, SLICGL surged ahead with a 14% increase in GWPs in the same year. Growth is attributed to the significant expansion in both motor and non-motor segments, with SLICGL maintaining its leadership position in the motor market and bridging the gap in the non-motor segment.

Defining the journey to date, Aluthgama said, “We did not just grow; our activity ratios surged. We prioritized training, strategic positioning, and new sales recruitments backed by incentives and performance monitoring, with the transformation extending across the entire company. In 2023, we embraced a performance-driven culture, underscored by a collective agreement among all staff members for variable pay based on performance.”

Priyantha Perera, Chief Operating Officer, SLICGL said, “In 2023, our performance significantly outpaced industry growth rates, securing top position in the motor market for the fifth consecutive year at 6% growth, which is over 10 times faster than the industry growth average of 0.5% for this motor segment. Moreover, despite initially being behind in the non-motor sector, we narrowed the gap significantly, reducing it to LKR 1.5 billion last year from LKR 3 billion, and expanding the segment at 27%, which is well above the industry growth average of 13%.”

With the segregation complete, SLICGL is poised to capitalize on emerging opportunities, particularly in medical and non-motor insurance products.

Perera explained, “With the introduction of customized medical insurance options, we aim to address market needs and contribute to building a robust healthcare insurance market in Sri Lanka. For instance, understanding requirements among individuals who may not have access to corporate insurance, we introduced two medical policies early last year to ensure they and their families have access to quality healthcare through affordable insurance products.”

SLICGL is also working to expand services and leverage technology to differentiate customer experience, with significant investments in digital infrastructure and artificial intelligence.



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Level III landslide early warnings issued to the Districts of Kandy, Kegalle, Kurunegala and Matale extended

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The landslide early warning center of the National Building Research Organisation [NBRO] has extended the  Level III RED landslide early warnings issued to the Districts of Kandy, Kegalle, Kurunegala and Matale until 1600hrs on 11th December 2025.

Accordingly,
The LEVEL III RED landslide warnings issued to the the Divisional Secretaries Divisions and surrounding areas of Kundasale, Pasbage Korale, Medadumbara, Ganga Ihala Korale, Hatharaliyadda, Pathadumbara, Doluwa, Panvila, Gangawata Korale, Ududumbara, Akurana, Yatinuwara, Harispattuwa, Deltota, Thumpane, Poojapitiya, Udapalatha, Udunuwara, Minipe and Pathahewaheta in the Kandy district, Aranayaka, Yatiyanthota, Rambukkana, Bulathkohupitiya and Mawanella in the Kegalle district, Mallawapitiya, Mawathagama and Rideegama in the Kurunegala district, and Rattota, Laggala Pallegama, Ukuwela, Matale, Wilgamuwa, Pallepola, Naula, Yatawatta and Ambanganga Korale in the Matale district have been extended.

LEVEL II AMBER landslide early warnings have been  issued to the Divisional Secretaries Divisions and surrounding areas of Uva Paranagama, Hali_Ela, Meegahakivula, Badulla, Kandeketiya, Bandarawela, Soranathota, Ella, Haputhale, Lunugala, Welimada, Haldummulla and Passara in the Badulla district, Warakapola, Galigamuwa, Kegalle, Dehiowita, Ruwanwella and Deraniyagala in the Kegalle district, Polgahawela and Alawwa in the Kurunegala district, Kothmale East, Walapane, Thalawakele, Nuwara Eliya, Kothmale West, Nildandahinna, Mathurata, Ambagamuwa Korale, Hanguranketha and Norwood in the Nuwara Eliya district. and Kolonna, Godakawela and Kahawaththa in the Ratnapura district.

LEVEL I YELLOW landslide early warnings have been  issued to the Divisional Secretaries Divisions and surrounding areas of Divulapitiya, Attanagalla and Mirigama in the Gampaha district, Narammala in the Kurunegala district, and Kiriella, Eheliyagoda, Balangoda, Kaltota, Openayake, Nivithigala, Imbulpe, Ayagama, Kuruwita, Kalawana, Elapatha, Pelmadulla and Ratnapura in the Ratnapura district.

 

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“We cannot allow flooding to become a part of the daily lives of the people in the Colombo District” – PM

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Prime Minister Dr. Harini Amarasuriya stated that unauthorized constructions within the Colombo District, nor any form of residential developments that endanger the public carried out under the guise of development agenda will not be allowed.

The Prime Minister made these remarks while addressing the media at the conclusion of the Colombo District Disaster Management Committee meeting held on Tuesday [December 09] at the Colombo District Secretariat.

Addressing further, the Prime Minister stated:

“The Colombo District has become vulnerable to this extent due to the constructions carried out without any proper planning or understanding of regulations, along with personal and politically motivated decisions that have placed both the district and its people at risk.

Compared to the districts that suffered severe loss of life and property due to the recent cyclone, the damage to the Colombo District has been relatively lower. However, special intervention is being carried out together with the relevant institutions to manage the potential future flood risks in the district.

This matter was also given special attention during today’s District Disaster Management Committee meeting. We cannot allow the flooding to become a regular part of the lives of the people in Colombo. All relevant institutions will come together to put forward a common plan for flood control in the district.”

The Prime Minister further stated that discussions are already underway to provide sustainable solutions for the people living in high-risk areas within the Colombo District.

The discussion was attended by the Deputy Minister of Urban Development Eranga Gunasekara, Deputy Minister of Mass Media Kaushalya Ariyaratne, and Colombo District Members of Parliament Aruna Panagoda and Chandana Suriyarachchi.

[Prime Minister’s Media Division]

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Russia gifts 35 tonnes of Humanitarian Aid to Sri Lanka

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The handover of 35 tonnes of Russian Humanitarian Aid to Sri Lanka, recently affected by the cyclone «Ditwah», took place at  Katunayake today (10th December)

The shipment was welcomed at the Katunayake airport by Ambassador of Russia Levan Dzhagaryan, Minister of Ports and Civil Aviation  Anura Karunathilaka and Deputy Minister of Defence, Major General Aruna Jayasekara (Retd).

Ambassador Levan Dzhagaryan: said “This delivery is a reflection of long-term friendly relations between Russia and Sri Lanka and reaffirms Moscow’s commitment to support countries in a difficult humanitarian situation.”

The supplies brought by the EMERCOM (Russian Ministry of Emergency Situations) aircraft comprised a movable 60 kW electric power station,  Pumping equipment for water drainage, Summer tents (10-person capacity) and  Food supplies (sugar, vegetable oil, rice)

The total cargo weight is 35 metric tonnes. The aid will be distributed among the most affected regions.

 

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