Debutant Orient Insurance records Rs. 100 m GWP in 1Q

Thursday, 5 April 2012 00:00 - - {{hitsCtrl.values.hits}}

The newly-established Orient Insurance Ltd., a member of the Al-Futtaim Group and sister company of Associated Motorways (AMW) reported during the first quarter of 2012 that it had been successful in securing Rs. 100 million worth of Gross Written Premium in general insurance.

Orient’s Chief Executive Deepthi Lokuarachchi stated: “This is a significant achievement for Orient Insurance as it shows the recognition and acceptance the company has gained within such a short period of time of being in operations.”

Lokuarachchi went on to speak of how the company had been able to win accounts of top corporates as well as those in the retail segments. The company hopes to create more innovation and introduce unique products to the market. Furthermore, the business mix remains solid across all lines of business.

“It has been truly rewarding to have so many companies sign up with us. This expression of solidarity and faith is re-assuring, considering the severe competition in the market,” said Lokuarachchi, expressing his gratitude towards all banks, leasing companies, brokers and customers.

Orient Insurance commenced its operation on 1 December 2011 and was officially launched on 6 March this year, along with the presence of Al-Futtaim Group UAE; Arab Orient Insurance UAE Senior Managing Director and Orient Insurance Ltd Sri Lanka Chairman Omer Elamin; Associated Motorways Chairman Len Hunt and Orient Insurance Limited Vice Chairman and President Associated Motorways Private Limited Deshabandu Tilak De Zoysa.

Licensed by the Insurance Board of Sri Lanka, Orient Insurance functions in the general insurance sector – with the insurance classes of motor, marine, property, liability, medical and all other classes coming within the general insurance classification. Drawing from the strengths of Arab Orient Insurance, the holder of the coveted title UAE Insurer of the Year 2012 (Awarded by the MENA Insurance Review), Orient Insurance offers their clients personalised service at an affordable cost. Arab Orient also enjoys an A rating from Standard and Poor’s and an A (Excellent) from AM Best.

Orient Sri Lanka’s financial strength is reflected by the level of its capitalisation which significantly exceeds stipulated minimum capital requirements as well as its accessibility to worlds top reinsurance markets through group synergy. Orient’s property, engineering and liability reinsurance programs are led by Swiss Re, one of the world’s largest and strongest reinsurance giants.