Sri Lanka Insurance Corporation (SLIC) has introduced a market penetration strategy by rapidly expanding the delivery network and by launching a range of new niche insurance products, customized products for specific customer segment.
The strategy now is to expand the market for younger people who seek to purchase insurance as the sate run insurance entity’s strength has been its heritage and brand value that has thus far appealed to a large and long-standing customer base, Chairman of SLIC K A Vimalenthirarajah said.
Therefore, itt had to seek a way to meet the expectations of younger customers while emphasising its heritage as pioneers of the insurance industry in Sri Lanka with extensive expertise, he added.
SLIC recorded a profit before tax of Rs. 1,595 million in the first four months of 2019 and recorded total revenue of Rs. 15.4 million, which was an increase of 4 per cent, compared to 14.8 billion in the same period of 2018.
Recently, Fitch Rating Services has upgraded SLIC's national Insurer Financial Strength (IFS) rating to ‘AAA (lka)' from 'AA+ (lka)' with a Stable Outlook.
The insurance industry reported a growth of 5.70 percent in terms of overall gross written premium (GWP), during the first quarter of 2019, recording an increase of 2,504 million rupees when compared to the same period in the year 2018, the Insurance Regulatory Commission of Sri Lanka said in a statement.
The GWP for long term insurance and general insurance businesses for the period ending March 31 2019 was 46,429 million rupees compared with the same period in 2018 amounting to 43,925 million rupees.