The Sunday Leader

Ceylinco Life’s Claims Settlement Best Among The Best

  • Life Insurance Leader Accounts For Just 82 Of 100,733  ‘Claims Outstanding’ At End 2009

The new Ceylinco Insurance Head Office Building

Life insurance leader Ceylinco Life’s record of claim settlement has been confirmed to be the best among the country’s top five insurance companies by the sector regulator, the Insurance Board of Sri Lanka (IBSL).
Figures released by the Board for the year ending 31st December 2009 reveal that Ceylinco Life, the largest life insurer by a margin of more than Rs 2,705 million, had the lowest number of claims outstanding at the end of the concluded financial year.
The IBSL’s statistics show that Ceylinco Life, whose share of the life insurance market stood at 31.13 per cent with premium income of Rs 7,523 million at the end of 2009, was responsible for only 82 out of a total of 100,733 claims outstanding in the life insurance segment, just .08 per cent of the total.
“Paying claims is the business of an insurance company, and it is a strict policy at Ceylinco Life to settle every legitimate claim as quickly as possible,” Ceylinco Life Deputy Chairman R. Renganathan said. “The IBSL’s officially released data validates our position as the best in the business in the area of claims settlement.”
In value terms, claims outstanding at Ceylinco Life as at 31st December 2009 totaled Rs 102.4 million, as against a total of Rs 3,220 million for all life insurance companies.
Ceylinco Life’s Life Fund grew 20.3 per cent to Rs 25.6 billion in 2009, an increase of Rs 4,321 million during the year, while Investment Income grew 28.4 per cent to Rs 3,350 million. The company sold more than 159,000 new life policies in the year at an average of 13,250 per month, and paid Rs 2,756 million in customer benefits, inclusive of Rs 485 million paid as claims.
The company’s solvency margin, a key indicator of financial health, improved significantly in the year and stood at eight times the statutory requirement as at 31st December 2009.
Ceylinco Life was recognised on the global stage for brand excellence when the company was presented with the Overall Brand Leadership Award at the 2009 Global Awards of the World Brand Congress. The company also won the People’s Insurance Brand of the Year award at the SLIM-Nielsen People’s Awards 2010.

4 Comments for “Ceylinco Life’s Claims Settlement Best Among The Best”

  1. Reality

    Trying every trick in the book to retain the fast losing market share of the Ceylinco Group enterprises. Better return the monies swindled by the Chairman and his Directors if Ceylinco needs to regain the confidence of the Sri Lankan public.

  2. Che

    Maybe Possible that some of the Golden Key money is being Siphoned out here.

  3. Che

    By the Way,another top CEO,Managing Director,who Raided a Manufacturing and Distribution Company between 2000 and 2004 seems to be having Solvency Issues in the United Kingdom, This so Called saviour was welcomed as an Honorable person by Sri Lankas Stock Exchange, and Commissioner,as well as the Supreme Courts. Sri Lanka seems to having a Trait of Welcoming and Embracing Rogues, very sad Situation Indeed, and Honorable and Law abiding Citizens are Treated with Contempt and Disrespect, Kotelawela is One of the Many Rogues, there are many more Individuals who have Cheated and are getting away with it.

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