Sri Lanka Insurance
From Wikipedia, the free encyclopedia
Sri Lanka Insurance Ltd is the largest and strongest composite insurance provider in Sri Lanka. It is the first and only insurance company in Sri Lanka to be assigned a prime AA- rating for Insúrance Financial Strength from the global rating agency Fitch Rating London.
[edit] History
Sri Lanka Insurance was incorporated by a special act of Parliament in 1961. In 1988 the insurance field was liberalised ending the virtual monopoly enjoyed by the corporation and consequently was subjected to operate in a competitive environment. In 1993 with the objective of providing greater autonomy to operate in this environment the corporation was converted to a fully government-owned limited liability corporate entity subsequently sold to the "Distilleries-Spence Consortium" under the Government Privatisation Plan in April 2003.
In July 2006, with an investment of Rs 350 000, Sri Lanka Insurance launched a state-of-the art Collision Repair Center called "Formula World". All Formula Plus Motor Insurance policy holders with a comprehensive cover maintained at the Sri Lanka Insurance are eligible to get their vihicles repaired free of charge when damaged by accidents.
