SLIC emerges as market leader for general insurance

Sri Lanka Insurance Corporation (SLIC) has emerged as the market leader of the general insurance sector at the end of year 2020, reaffirming the supremacy of the State insurance giant.

In a statement SLIC said it commands a market share of 20.3%, leading the general insurance market and recorded a total GWP (Gross Written Premium) of Rs. 20,163 million as at 31 December 2020. 

The company recorded 6% growth in the general insurance sector despite the 1.5% negative growth rate of the overall general insurance industry.

The non-motor insurance segment of SLIC recorded a phenomenal growth of 38% achieving Rs. 8,357 million GWP while motor insurance segment achieved Rs. 11,806 million GWP, leading the motor insurance segment.

The premier motor insurance brand ‘Sri Lanka Insurance Motor Plus’ is among the many pillars behind this triumph. The leading motor insurance brand redefined the motor insurance experience by introducing multiple innovative motor insurance products to cater to unique needs of customer segments in the motor insurance market. 

Further the ‘Suraksha’ insurance scheme which was initiated as a collaboration of the Ministry of Education and SLIC in year 2017 was once again awarded to SLIC to facilitate 4.3 million school children by providing financial assistance to ensure uninterrupted education.

Despite the volatility created by the COVID-19 pandemic, Sri Lanka Insurance general sector has achieved commendable results confronting the challenges through innovative insurance solutions and process streamlining to ensure efficient and uninterrupted service to customers.