Business Times

Sri Lanka Insurance launches door-to-door service

By Bandula Sirimanna

Sri Lanka Insurance officers are to visit the homes of people from tomorrow to create awareness on life insurance. A 6-day awareness campaign will be implemented countrywide by officers attached to Sri Lanka Insurance Corporation Ltd (SLIC ) branches, a senior official of the corporation told the Business Times. He said people mostly believe life insurance benefits could be gained after death but they are completely unaware about the benefits that they can get, to lead comfortable lives. Sri Lanka’s insurance penetration is around 10% at present and this is far less than the standards in the developed world.

The insurance penetration in the west is around 60% and Asia 20%, he said. He noted that one of the primary reasons for this low penetration is the lack of awareness of the benefits of life insurance. SLIC officers will be visiting houses located in their respective areas of branch offices from June 14 to 19 bringing exclusive insurance solutions on offer for the general public. SLIC is the largest state owned insurer in the island with around 1 million policyholders, he said.

SLIC is the second-largest insurer in the island in terms of premiums underwritten and accounted for 23.45 percent of the industry’s composite premiums as at end-December 2009. Its investment portfolio amounted to 59.09 billion rupees as at end-December 2009, the largest in the domestic industry.

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