Business
Sri Lanka Insurance hosted Insurance Brokers’ Appreciation Night
The Nations’ Insurer, Sri Lanka Insurance (SLIC) recently hosted a special event in appreciation of the remarkable contribution made by the Insurance Brokers to the Insurance industry of Sri Lanka. The event was held on Oct 18 at the Hilton, Colombo.
Insurance Broker companies plays a key role in uplifting the Insurance industry and contribute significantly to the economy of a country. They are essential intermediaries that add value to the insurance industry and the economy by providing expertise, market access, risk management, and personalised solutions to individuals and businesses.
Acknowledging the contribution, the Insurance Brokers has made to SLIC, the company annually holds an event for the Brokers. This year the event was special as Sri Lanka Insurance felicitated five Broker veterans from the insurance industry. Their dedication and commitment is praiseworthy and up to date they are still working as Insurance Brokers and contributed to the Insurance industry of the country.
Nihal Senarathna, Chairman of Senaratne Insurance Brokers has provided his services as an Insurance Broker for the past 70 years. A student of Royal College, Colombo, he is a Charter Member of the International Insurance Society based in Alabama, USA, Associateships from Charted Insurance Institute and Indian Insurance institute, a Chartered Insurance Broker and a fellow of Chartered Management Institute. Mr. Senarathna is also the only Sri Lankan to have been invited by the Association of British Insurance to address Britain’s Insurance Industry in 1986.
Hema Wijeratne, a product of Nalanda College, is the founder of Mercantile Insurance Brokers. He is a Fellow of Chartered Insurance Institute and a Chartered Insurance Broker. In 1967 he joined Sri Lanka Insurance Corporation and held various esteemed positions. He was a pioneer in the Insurance industry creating opportunity for insurance education. Mr. Wijeratne was instrumental in establishing Sri Lanka Insurance Institute. Furthermore, he also established the Sri Lanka Insurance Broker Association in 1980 to create a platform for the Broker community of Sri Lanka. Imparting his knowledge to the youth, Mr. Hema Wijeratne has also lectured at Sri Lanka Insurance Institute, Sri Lanka Institute of Bankers, and University of Sri Jayawardenapura. Mr. Wijerante has served the Insurance industry for over 60 years and continues his service to date.
Vernon Edirisinghe, a student from St. Joseph’s College, Colombo, is the Managing Director and Principle Officer at Equity Insurance Brokers. He is also the Co-founder of Equity Insurance Brokers. He holds a Bsc. in Economics from the University of London. Mr. Edirisinghe has served as the Managing Director of leading insurance companies and have been continuing to serve the insurance industry for the past 58 years.
Victor Colambage, a student of Christian College Kotte, is a pioneer in the Insurance industry with a service record of 50 plus years. He is a Chartered Insurer and has extensively contributed to the growth and evolution of the industry. Mr. Colombage has held many esteemed positions in the industry in insurance companies and Broker companies.
Ray Pompeus, has been in the Insurance industry for more than 58 years and continues to serve the industry up to date. He is currently working as a Consultant at LM & A Insurance Brokers. He has held many senior positions at numerous Insurance Broker companies in Sri Lanka. Mr. Pompeus is also a student from St. Joseph’s College, Colombo.
This special occasion was graced by Boards of Directors and senior officials of Insurance Broker Companies, President Counsel Mr. Ronald C Perera – Chairman (SLIC), Mr. Chandana L Aluthgama – Chief Executive Officer (SLIC), Chief Officers and other senior officials from Sri Lanka Insurance.
Sri Lanka Insurance understands the pivotal role the Brokers play in the industry and therefore they ensure to give them their due recognition and appreciate their hard work and commitment.
India – Sri Lanka bilateral relations
By Sanath Nanayakkare
Sri Lanka cannot afford to stay in isolation and the two countries’ future is tied together even more than in the past, was the highlight of the keynote speech delivered by Santosh Jha, the High Commissioner of India to Sri Lanka, at the Innovation Island Summit held at ITC Ratnadipa on 20 February 2025.
“Like any other country, Sri Lanka cannot afford to remain in isolation, and the futures of the two nations are more interconnected than ever before, the Indian HC pointed out, addressing the key event attended by 200 participants from over 45 countries.
The following are some excerpts from his speech.
“Sri Lanka is on the cusp, potentially, of a big change. People’s aspirations and expectations have found a new expression in the two elections held in Sri Lanka. The Covid pandemic and the economic crisis in Sri Lanka has underlined the need for a transformation that many Lankans have yearned for generations to happen.”
“Sri Lanka as an Island country is particularly vulnerable to climate change. It is also blessed with rich potential for green energy, including for energy exports to the larger Asian region. And Chrome because digitization has become the new currency for low middle income countries to transcend their entrenched inefficiencies; and to outgrow them to position themselves to take full advantage of the many opportunities in an emerging geo-technological age.”
“Third, and this is my last point. Like any other country, Sri Lanka cannot afford to stay in isolation. Global connectivity and interdependence remain a norm even in this new era of re-globalization. Whether it is markets abroad, or critical imports or tourism, investment and technology, Sri Lanka needs to remain engaged with the rest of the world. This requires a better understanding of global trends and opportunities. I am sure that this conference would help build a better appreciation of the need for global engagement as a means to fulfilling the aspirations of Sri Lankans for change, growth, and prosperity.”
“As far as we in India are concerned, we are engaged with Sri Lanka on the basis of our Neighborhood First and SAGAR approach. Our relations are based on the principles of solidarity; of sharing whatever best we can offer to each other; and being a partner of first as well as last resort. Today, our relations are better than ever before and spread across a wide range of domains. Prime Minister of India Shri Narendra Modi has described connectivity, energy and digitization as the three principal pillars of our development partnership. We are also engaged in other areas such as health, education, ports and airports, agriculture, fisheries in addition to security and defence. As civilizational twins, our partnership is a necessity and not a matter of choice. Our future is tied together even more than our past was.”
Mohamed Zafir Azeez, the founder of Projector.LK, has been recognized for his outstanding contributions to the industry for Business Excellence, Innovation, and Entrepreneurship. With over a decade of experience, he has built Projector.LK into a leading brand in Sri Lanka, providing high-quality Smart Boards, Multimedia Projectors and Business solutions.
Beyond business, Azeez is an inventor and researcher, focusing on emerging technologies and innovation. His dedication to entrepreneurship and technological advancements earned him these two awards he believes.
Committed to growth, Azeez aims to expand his business and continue pioneering technological solutions in Sri Lanka’s digital landscape, inspiring young entrepreneurs with his vision and leadership.
He expressed gratitude to his loyal customers for contributing to his success and vowed to continue winning awards in the future.”
The HNB Assurance Group, comprising HNB Assurance PLC (HNBA) and HNB General Insurance (HNBGI), reported a strong financial performance for 2024, with a 21% increase in Gross Written Premium (GWP), rising from Rs. 18.8 billion to Rs. 22.7 billion. The Group also achieved a consolidated Profit After Tax (PAT) of over Rs. 1.8 billion, marking a 7% growth compared to the previous year.
HNBA, the only life insurance provider in Sri Lanka with an ‘A’ rating from Fitch Ratings Lanka, and HNBGI, which also secured an ‘A’ rating, demonstrated robust financial health. The Group’s Funds Under Management grew by 24% to Rs. 55 billion, reflecting the strength of its investment strategy. Additionally, the Group honored claims exceeding Rs. 6.7 billion, with a 98% complaint resolution rate, underscoring its commitment to customer trust.
Chairman Stuart Chapman highlighted the Group’s consistent growth, with a 22% average annual increase in GWP over the past four years. He also noted the Group’s strong capital adequacy ratios, with HNBA at 379% and HNBGI at 219%, well above the regulatory requirement of 120%. The Group’s share price grew by 42% in 2024, reflecting market confidence.
HNBA CEO Lasitha Wimalaratne emphasized the company’s 7.5% market share and its target to reach 10% by 2026. HNBA’s New Business Premiums grew by 27%, and its GWP increased by 26%. Despite higher operating costs from IT upgrades, the company achieved a 3% profit growth, with total assets reaching Rs. 53 billion.
HNBGI CEO Sithumina Jayasundara highlighted the company’s resilience, with a 14% GWP growth, double the industry average. Non-motor segments surged by 24%, with Marine, Fire, and Engineering Insurance achieving exceptional growth. Despite challenges in the motor insurance sector, HNBGI secured a 6% growth. The company also achieved a 59% growth in PAT and a market share of 7%, with total assets reaching Rs. 10.2 billion.
Rainy weather is expected over Northern, North-central, Eastern, Uva, and Central provinces and in Hambantota district, from tonight (24) for the next few days
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