News
Sri Lanka Insurance Corporation General poised for strong growth following official segregation
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.
A discussion between President Anura Kumara Dissanayake and senior officials of the Urban Development Authority (UDA) was held this afternoon (18) at the Presidential Secretariat.
The meeting focused extensively on new development projects planned by the Urban Development Authority. The President emphasised the need to ensure that the budgetary allocations made for these projects in the current year are utilised effectively within the same financial year.
Detailed discussions were also held on projects planned to be implemented jointly by multiple institutions, including the importance of holding consultations with all relevant agencies to reach final decisions and the need to clearly define responsibilities for each institution in both implementation and maintenance phases of the projects.
Attention was drawn to key initiatives such as the Kelani River flood control project, water management projects in Colombo city and the Beira Lake restoration project. The need for a dedicated programme for low-income housing in areas such as Ratmalana and Moratuwa was also highlighted. During the discussion, Minister of Transport, Highways and Urban Development Bimal Rathnayake underscored the importance of introducing a structured management framework for the effective coordination of certain projects.
Deputy Minister of Urban Development, Eranga Gunasekara, Secretary to the Ministry of Transport, Highways and Urban Development, Senior Professor Kapila C.K. Perera, Chairman of the Urban Development Authority (UDA), M.G. Hemachandra and the Heads representing the Urban Settlement Development Authority (USDA), Sri Lanka Land Development Corporation (SLLDC), National Physical Planning Department (NPPD) and the Condominium Management Authority (CMA) were also present at the meeting.
(PMD)
News
CEAT Kelani Branch Inter-Company Employees’ Union makes donation to the ‘Rebuilding Sri Lanka’ Fund
The Inter-Company Employees’ Union of the Kelaniya Branch of CEAT Sri Lanka has made a financial donation of Rs. 1,148,000.00, a day’s salary of its members to the ‘Rebuilding Sri Lanka’ Fund established to support the restoration of livelihoods and the rebuilding of areas affected by cyclone Ditwah.
Secretary of the Inter-Company Employees’ Union of the CEAT Kelani Branch, D.G.S.D. Navaratne, handed over the donation to the Chief of Staff to the President, Prabhath Chandrakeerthi at the Presidential Secretariat this morning (18).
Treasurer of the Inter-Company Employees’ Union of the CEAT Kelani Branch, Y.P.I.C. Karunathilaka, together with members of the Executive Committee, were also present on the occasion.
(PMD)
Latest News
Prime Minister off to the United Kingdom to participate in the 22nd Annual Commonwealth Education Forum
Prime Minister Dr. Harini Amarasuriya departed on an official visit to the United Kingdom to participate in the 22nd Annual Commonwealth Education Forum and the Commonwealth of Learning (COL) 2026 Board of Governors Meeting.
During the visit, the Prime Minister is scheduled to participate in several high-level academic and diplomatic engagements aimed at strengthening cooperation in the fields of education, development studies, research collaboration, and international partnerships.
As part of the visit, the Prime Minister will meet with Ms.Bridget Phillipson, Secretary of State for Education of the United Kingdom, at the UK Department for Education, to discuss areas of cooperation in education and related sectors. She is also expected to meet Ms.Yvette Cooper, Foreign Secretary of the United Kingdom, for discussions on matters of bilateral interest and cooperation between Sri Lanka and the United Kingdom.
In addition, the Prime Minister is expected to meet Ms.Shirley Ayorkor Botchwey, Secretary-General of the Commonwealth, on the sidelines of the 22nd Annual Commonwealth Education Forum and the Commonwealth of Learning (COL) 2026 Board of Governors Meeting.
During the visit, the Prime Minister will attend a public event at the Institute of Development Studies at the University of Sussex and she will also take part in the ceremony marking the 60th Anniversary of the Institute of Development Studies. The Prime Minister is also scheduled to address a session at the Oxford School of Global and Area Studies at the University of Oxford, followed by a question-and-answer session with scholars and students.
The visit is expected to strengthen Sri Lanka’s engagement with academic institutions, international development partners, and Commonwealth member states, particularly in the areas of education, research, policy dialogue, and capacity building.
[Prime Minister’s Media Division]
President meets senior officials of the Urban Development Authority
CEAT Kelani Branch Inter-Company Employees’ Union makes donation to the ‘Rebuilding Sri Lanka’ Fund
Escaped tiger shot by German police after attacking man
Prime Minister off to the United Kingdom to participate in the 22nd Annual Commonwealth Education Forum
Steps initiated to safeguard Sri Lanka’s Maritime Heritage
Fighter jet crews parachute safely after collision at US air show
‘Dates have the highest sugar content to fight Coronavirus’
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