Leading insurer, Ceylinco General Insurance Ltd, has announced excellent results for the year ended December 31, 2016, with premium income growing by Rs.2.5 billion or 18.9 percent year-on-year (YoY) to Rs.16.1 billion.
“Last year’s performance was outstanding, and easily the best results recorded in the recent past. The insurance arena is dynamic and filled with stiff competition. Despite the price undercutting practiced by some players, customers have understood the value of Ceylinco VIP On The Spot,” Ceylinco General Insurance Managing Director Patrick Alwis said. 

Ceylinco General paid claims amounting to Rs.10.4 billion during 2016, settling all genuine claims in the quickest possible time. This is an increase of 62 percent YoY.  
“The sharp increase in claim settlement is a result of the large number of claims we paid, during the floods in May 2016. Claims were paid within a period of 14 days, enabling customers to return to normalcy in the fastest possible time,” Alwis said.  
“Some of these customers had only insured their vehicles, but not their homes, while some had insured their shops, but not their houses. However, Ceylinco General Insurance, looking at the situation from a humane angle, decided to pay a percentage to compensate the damages to their homes as well,” he added.
In 2016, Ceylinco General Insurance added yet another unique benefit to its long list of value additions. If a brand new or an unregistered vehicle is condemned within two years of purchase, Ceylinco General Insurance will replace a vehicle of similar make and model irrespective of the price escalation. 
Standard practice is to compensate the amount equivalent to market price or the value the vehicle insured for. 
“This particular value addition enables our customers to get a vehicle of similar make and model without the additional burden of losing more money due to the depreciation of the vehicle value once it is registered and subsequent price increases of brand new or reconditioned vehicles,” Alwis said.  
Meanwhile, Ceylinco General Insurance concluded a year-long, extensive training programme for its senior managers in 2016 conducted by world-renowned coaches and a panel of top training experts in the country. 
This was designed as a management development programme aimed at being a part of the succession planning process, gearing the top management to take over the helm of the company, as and when the need arises.  
During 2016, Ceylinco Insurance once again had the honour and privilege of being voted by the Sri Lankan people, as ‘The People’s Insurance Company’, for the 11th consecutive year, while Ceylinco Insurance was also the only Insurance Company among the Top 25 Companies in Sri Lanka for 2015/16, as announced by Business Today. 
And yet again, in the LMD rankings announced in December 2016, Ceylinco Insurance was the highest rated insurance company in the island. 
Ceylinco General Insurance remains committed to ensuring growth and better meeting emerging opportunities, with the largest branch network in the island, surpassing 425 branches and sales outlets, providing general Insurance solutions to millions of Sri Lankans from all walks of life.