20 May 2022 09:51 am
LOLC General Insurance Chief Strategy Manager Ushan Goonawardane accepts award in Kolkata, India from Jury Member Sudhin Roy Chowdhury
The third Emerging Asia Insurance Awards 2021 recognised LOLC General Insurance PLC as the Best General Insurance Company of the Year amongst the top insurance companies nominated from South East Asia.
The evaluations were done by PricewaterhouseCoopers (PwC), the multinational professional service network and the event was held ceremonially in Kolkata, India, recently.
The Indian Chamber of Commerce (ICC) initiated the Emerging Asia Insurance Awards to acknowledge, honour and to recognise the efforts made by the emerging Asian insurance companies while creating a platform for them to discuss their common challenges and their ramifications effecting the insurance sector.
PwC performed the groundwork for the awarding body in reviewing and assessing the applicant profiles. The selection of awards comprised of several criteria and PwC has evaluated the audited financial data (for the last three financial years) of the applicants. Performance on technical reserve to net premium ratio, combined ratio, top line growth, shareholder capital, number of complaints received, claim settlement ratio and investment on training were assessed in gauging the winners.
LOLC General Insurance PLC is a subsidiary of LOLC Holdings PLC, which is one of Sri Lanka’s largest and most diversified conglomerates, with operations in 20 countries in Asia and Africa.
During the last few years, the company continuously streamlined its processes and achieved greater coordination between different units of the company to implement a customer-centric approach. The organisation is committed to continuously improve its overall processes, efficiency and relationships to serve the customers better.
During 2021, LOLC General Insurance recorded a premium income growth of 19.2 percent, which was the highest growth recorded by a mid/large-sized company in the general insurance industry and reported paid claims to the tune of Rs. 2.5 billion. LOLC General Insurance has always maintained an undisputed and unsurpassed reputation for speedy settlement of claims. The amount of money provided in lieu of claim reimbursements during the last financial year itself, reflects the company’s commitment to timely claim settlements.