The Asian Re-insurance Corporation, better known as Asian Re, has accorded Ceylinco Insurance Co. Ltd. a very rare honour. Asian Re has invited Ceylinco Insurance to invest with them, reflecting their view of Ceylinco Insurance as a regional insurance giant.
Established in 1979, owing to an initiative taken by the United Nation Conference on Trade and Development (UNCTAD) and presently operating as a regional re-insurance company, with its Head Office located in Bangkok, Thailand, Asian Re has decided to increase its capital to US$ 100 Million, in order to expand development activities and to add to much required regional reinsurance capacity. In a bid to achieve this target, Asian Re opted to invite a couple of major re-insurance / insurance companies operating in the region to invest in the company as Associate Members.
Those who have already accepted their invitation include the General Insurance Corporation of India, the Mitsui Sumitomo Insurance Company of Japan, Bimeh Markazi of Iran, the Viriyah Insurance Company of Thailand, the Oriental Insurance Company and the United Indian Insurance Company.
Initially Ten Asian governments, namely Sri Lanka, China, India, Thailand, Iran, Bangladesh, Bhutan, the Republic of Korea, the Philippines and Afghanistan had the privilege of being invited to invest in the company. In this capacity, at present Ms. G T C Ekanayake, the Additional Director General, External Resources Department, Ministry of Finance & Planning, is serving as a Council Member, officially appointed by the government of Sri Lanka.
The Ceylinco Insurance Board of Directors has in principle, accepted the invitation, subject to approval by the Insurance Board of Sri Lanka and the Central Bank of Sri Lanka. Ceylinco Insurance, which had a total turnover of US$ 150 Million in the year 2006, owned the market leadership status, in both the Life and Non-life sectors, in the Sri Lankan Insurance Market.
Furthermore, Ceylinco has won the prestigious `Innovation Of The Year` accolade, presented at the Asian Insurance Industry Awards, twice over; once in 2003 and more recently, in 2006. Reflecting its unswerving commitment to the community, Ceylinco has also won the acclaimed award for `Corporate Social Responsibility` in 2005, at the same award ceremony.
Ceylinco Insurance is also, the Sri Lankan flag carrier at the Federation of Afro-Asian Insurers and Re-insurers (FAIR) and the Association of Insurers and Re-insurers of Developing Countries (AIRDC). Ceylinco also has the rare prestige of being a named member of the FAIR Non-life Insurance Pool, the FAIR Aviation Pool and the FAIR Oil and Energy Syndicate. Ceylinco Insurance has already established their presence in Nepal, Bangladesh, the Maldives, Mauritius, Bahrain, UAE, Oman and Qatar and is planning to further expand their network to several more Middle Eastern markets.