Insurance

About Us

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We are dedicated to give you solutions for your Insurance needs. We can help you to save time and money when you compare the insurance services with us through the facilities provided by the wide range of insurance companies. Our service is completely free and enjoy the lowest price with prompt service. Please feel free to contact us by providing your details through email: lankainsurance@gmail.com or +947180352.

Insurance companies

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It always pays to be prepared is a common dictum. But, it is equally true that to be prepared without recourse to adequate resources, could prove devastating in an emergency. Click on the name of the insurance company of your choice from the list of insurance companies provided here to choose the insurance product that you require to mitigate your personal and corporate risk.

Insurance Companies Registered Under the Regulation of Insurance Industry Act No. 43 of 2000

	Name of the Insurer	Class of Insurance	Date of Registration
1	Sri Lanka Insurance Corporation Ltd	Long Term Insurance General Insurance	3 rd February 1993
2	Union Assurance PLC	Long Term Insurance General Insurance	8 th January 1987
3	Ceylinco Insurance PLC	Long Term Insurance General Insurance	11 th February 1987
4	Eagle Insurance PLC	Long Term Insurance General Insurance	16 th December 1987 29 th December 1987
5	Janashakthi Insurance PLC	Long Term Insurance General Insurance	12 th August 1994 11 th September 1995
6	Cooperative Insurance Co Ltd	Long Term Insurance General Insurance	18 th September 1998
7	Asian Alliance Insurance PLC	Long Term Insurance General Insurance	8 th March 2000 17 th September 1999
8	CHARTIS Insurance Limited (Formerly Hayleys AIG Insurance Company Ltd.)	General Insurance	13 th December 1999
9	HNB Assurance PLC	Long Term Insurance General Insurance	30 th August 2001
10	Amana Takaful PLC	Long Term Insurance General Insurance	1 st February 2002
11	Life Insurance Corporation (Lanka) Ltd	Long Term Insurance	18 th December 2002
12	Seemasahitha Sanasa Rakshana Samagama	Long Term Insurance General Insurance	8 th July 2003 6th January 2005
13	Allianz Insurance Lanka Ltd	General Insurance	29 th September 2004
14	MBSL Insurance Company Ltd	Long Term Insurance General Insurance	1 st April 2005 2 nd August 2005
15	Ceylinco Takaful Limited	General Insurance	16th May 2006
16	Allianz Life Insurance Lanka Ltd	Long Term Insurance	1st of July 2008

Referrence : Insurance Board of Sri Lanka

What is Liability Insurance?

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There are many different types of insurance policies available, but liability insurance is one of the most popular because it costs much less than many other options. For example, in regard to auto insurance policies, liability insurance costs far less than full coverage. The reason for this is because full coverage insurance must pay for both your vehicle and any other vehicle involved in a collision, as well as property damage and medical expenses due to injuries to you or another party.

On the other hand, liability insurance is only responsible for the other party's losses. Your person and your property are unprotected, but liability insurance protects you from being held responsible for the other party's damages.

There are different types of liability insurance, including general liability, which works in much the same way as auto liability insurance, but covers businesses. General liability protects a company from third party claims. Aside from general liability, there is also D & O liability, employer liability, and professional liability insurance.
D & O liability stands for "directors and officers" liability and is intended to cover the acts or omissions of those in the director or officer position. An entire company should not be held liable for the statements, actions, failure to act, or other mistakes that are the responsibility of an officer or director.
Employer liability is also known as worker's comp, and it is a mandatory form of liability insurance coverage that all businesses must carry. While it sounds like it is intended to protect the employee, which it does to some degree, it is actually protection for the employer in case of injury, job related illness, or other damages for which the employee might sue the company.

Professional liability is similar to malpractice insurance, although the coverage may not be as comprehensive as some malpractice policies in different fields. The purpose for professional liability insurance is to protect those seen as professionals or "experts" in a given field, who may not be protected by general liability due to their expertise. When one is seen as a professional, he is held to a higher standard and is therefore often considered to hold greater liability towards his clients. Consequently, he needs more coverage than general liability insurance offers.
Reference:/www.wisegeek.com/what-is-liability-insurance.htm

What is Fire Insurance?

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Fire insurance is a form of property insurance which protects people from the costs incurred by fires. When a structure is covered by fire insurance, the insurance policy will pay out in the event that the structure is damaged or destroyed by fire. Some standard property insurance policies include fire insurance in their coverage, while in other cases, fire insurance may need to be purchased separately. Property owners should check with their insurance companies if they are not sure whether or not fire insurance is part of their policies, and if fire insurance is not included, it should be purchased.

Depending on the terms of the policy, fire insurance may pay out the actual value of the property after the fire, or it may pay out the replacement value. In a replacement value policy, the structure will be replaced in the event of a fire, whether it has depreciated or appreciated: in other words, if homeowners purchase a home and the value increases, as long as it is covered by a replacement value policy, the insurance company will replace it. An actual cash value policy covers the structure, less depreciation. Most accounts come with coverage limits which may need to be adjusted as property values rise and fall.

Depending on the terms of the policy, the contents of the home as well as the structure may be covered in the event of a fire. Some policies also provide a living allowance which allows the victims of a fire to rent temporary housing while their homes are repaired. These clauses in an insurance policy typically cause the policy to become more expensive, since they will represent additional costs to the insurance company in the event of a fire. However, they can be extremely useful if a fire occurs.

The cost of fire insurance varies widely. The use of fire alarms, sprinkler systems, and other safety measures can decrease the cost of the policy, and may even be required for some policies. Living in a region prone to wildfires will increase the cost of the insurance, as the risk of a payout is greatly increased. Because many people purchase fire insurance for their homes and businesses, insurance companies have a large risk pool, making fire insurance less expensive than specialized insurance like earthquake or flood insurance.

When purchasing fire insurance, people should be aware that some types of fires may not be covered. For example, a fire caused by an earthquake might be excluded from a fire insurance policy, as might a fire caused by an act of God. It is important to read the terms of the policy carefully, and to ask for clarification from the insurance representative if the terms are not clear. If a policy does not appear to meet the need, it should be renegotiated until it is satisfactory.
Reference:www.wisegeek.com/what-is-fire-insurance.htm

How to Find the Best Insurance Agent for You

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Step 1
Ask around. Family and friends are the best resources to finding the perfect insurance agent, since they may have recommendations to not only a good insurance agent but to a good insurance company as well. Also, people should keep in mind their co-workers, financial planners, accountants or simple word-of-mouth for advice.
Step 2
Find out about the type of insurance they sell and ask questions. Usually, people know the type of insurance they want, but they are also comparing different insurance packages offered by competing agents. When interviewing insurance agents and their insurance products, potential policyholders should not be afraid to ask questions. They should question the experience of the insurance agent, as well as the type of products they sell; it usually puts them in better position to make the right decision. If an insurance agent is not experienced in what they are selling or seems to know little about their product, there is a good chance for people to have gaps in their coverage plans. That is something no one wants to happen.
Step 3
Choose experienced agents over amateurs. Those that choose an insurance agent with years of experience usually receives better customer service. Moreover, the agent tend to possess professionalism, dependability and integrity always.
Step 4
Make sure they know their client’s budget. Because of the recession, more people are budgeting their income and expenses more than ever. However, there are some insurance agents who ignore this trend and try to make their clients pay more for insurance than they need to. People need to stress the importance of getting affordable insurance within their budget from insurance agents to prevent themselves from paying an expensive policy.
Step 5
Research. Potential policyholders should always research and compare insurance quotes, before talking with insurance agents. This will help prevent rip-offs and promote competition between insurance agents for your business.

How do I choose an insurance company?

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There are many insurance companies, so choosing between them can be a challenge. Here are the main points to keep in mind when selecting an insurance company:

Licensing
Not every company is licensed to operate in each state. As a general rule, you should buy from a company licensed in your state, because then can you rely on your state insurance department to help if there’s a problem. To find out which companies are licensed in your state, contact the state insurance department.
Price
Many companies sell insurance policies and prices vary greatly from one to another, so it really pays to shop around. Get at least three price quotes from companies, agents and from the Internet. Your state insurance department may publish a guide that shows what insurers charge for different policies in various parts of your state.
Financial Solidity
You buy insurance to protect you financially and provide peace of mind. Select a company that is likely to be financially sound for many years, by using ratings from independent rating agencies.
Service
Your insurance company and its representatives should answer your questions and handle your claims fairly, efficiently and quickly. You can get a feel for whether this is the case by talking to other customers who have used a particular company or agent. You may also want to check a national claims database to see what complaint information it has on a company. Also, your state insurance department will be able to tell you if the insurance company you are considering doing business with had many consumer complaints about its service relative to the number of policies it sold.
Comfort
You should feel comfortable with your insurance purchase, whether you buy it from a local agent, directly from the company over the phone, or over the Internet. Make sure that the agent or company will be easy to reach if you have a question or need to file a claim.

Sri Lanka insurance sector grows in tight conditions

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July 28, 2009 (LBO) – Sri Lanka's life insurance sector grew 13.9 percent taking in gross written premiums of 23.6 billion rupees in 2008, a year that saw high inflation, a report by the industry regulator, Insurance Board of Sri Lanka (IBSL) said.

The life insurance sector grew 21.2 percent in 2007, the annual report said.
Ceylinco Insurance Life, a unit of Sri Lanka's troubled Ceylinco Group, has grown 20.5 percent beating the sector's growth of 13.9 percent in the 2008 financial year.
Ceylinco's market share in life insurance business has increased to almost 35 percent. In 2007 its market share was 33 percent.
The net premium income for life insurance business was 8.25 billion rupees in 2008.
Sri Lanka Insurance Corporation (SLIC) was in second place and with gross written premiums flat at 4.49 billion rupees.
SLIC's market share in 2008 had shrunk to 19 percent, from 21.6 percent in 2007.
Premiums of Eagle Insurance, the Sri Lankan unit of Aviva, grew 14.6 percent to 4.34 billion rupees.

BSL said premium collections of 11 out of 14 registered life insurance companies have grown below the industry average of 13.9 percent in 2008.
Janashakthi Insurance grew 20.8percent to 1.33 billion rupees, while Asian Alliance Insurance grew almost 9.0 percent to 970.0 million rupees.
HNB Assurance, a unit of Hatton National Bank, grew 19.1 percent to 914.1 million rupees.
The annual report said in 2008, six insurance companies grew less than one percent.
In 2008 Ceylinco Life's asset base grew 24.5 percent to 24.14 billion rupees, while SLIC's life asset base expanded 42.05 percent to 42.1 billion rupees.
Eagle Insurance's life portfolio asset base grew 12.6 percent to 15.0 billion rupees, while Union Assurance asset base grew 8.4 percent to 8.56 billion rupees.
Janashakthi Insurance life asset base expanded by 5.2 percent to 2.34 billion rupees, the IBSL annual report said.
The insurance sector asset bases are riding high on the back of high interest rates offered on government securities in 2008.
However the life insurance sector is reeling from lapses, which have been going up steadily in the last five years.

Reference : LBO

What Happens To Your Family If You Don't Have Enough Coverage?

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Under any circumstances, the loss of a loved one is a traumatic experience. But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. Depending upon their current financial resources and ability to "get back on their feet" emotionally and financially, your family might be forced to move to a less desirable home or community, abandon education and career plans, reorder family priorities (such as the amount of time spent with the children) and, in general, cut back on the quality of life you have worked hard to achieve.
Your family might even be forced to go into debt simply to pay the expenses, like funeral costs, taxes, and medical bills, that result from your death. A moment's reflection will tell you that the lack of sufficient life insurance coverage when a loved one dies can have devastating consequences for a family...consequences that can last for years.

Resources : http://www.lifeinsurancewiz.com/LifeInsurance/basics.htm

What is Life Insurance?

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Life Insurance is insurance for you and your family's peace of mind. Life insurance is a policy that people buy from a life insurance company, which can be the basis of protection and financial stability after one's death. Its function is to help beneficiaries financially after the owner of the policy dies.

It can also be a form of savings in the long run if you purchase a plan, which offers the option of contributing regularly. Additionally, a little known function of life insurance is that it can be tied in with a person's pension plan. A person can make contributions to a pension that is funded by a life insurance company. These are considered private pension arrangements.

In addition, you should also make a list of what you feel needs to be protected in your family's way of life. With a life insurance policy in place, you can:

provide security for your family
protect your home mortgage
take care of your estate planning needs
look at other retirement savings/income vehicles

Types of Insurance

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Health

Accidental death and dismemberment insurance · Dental insurance · Disability insurance ·Total permanent disability insurance · Income protection insurance · Long term care insurance ·Vision insurance

Life

Permanent life insurance · Term life insurance · Universal life insurance ·Variable universal life insurance · Whole life insurance

Residential

Contents insurance · Earthquake insurance · Flood insurance · Home insurance ·Landlords insurance · Mortgage insurance · Property insurance

Other
Casualty insurance · Crime insurance · Crop insurance · Group insurance ·Liability insurance · Marine insurance · No-fault insurance · Pet insurance · Phone insurance ·Reinsurance · Terrorism insurance · Vehicle insurance · Wage insurance ·Weather insurance · Workers' compensation

The Insurance Ombudsman of Srilanka

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The Insurance Ombudsman, Sri Lanka is an independent person. He will act impartially and do his best and inquire into your complaint and try to settle it. He is also assisted by an able and qualified Advisory Panel of Experts on Insurance Law and Practice. The Ombudsman will discuss your complaint with the insurance company (insurer), concerned with a view to settlement. The Ombudsman will also obtain all the relevant documentation (such as the insurance policy etc.) from the insurer and the complainant need not worry about submitting these documents or spending money on photocopying documents for use by the Ombudsman.

The Insurance Ombudsman is not bound to observe any legal procedure or rules relating to evidence etc. like a Judge in a court of law. The Ombudsman is entitled to follow any procedure considered appropriate. The Ombudsman will be guided by the evidence placed before him, principles of Insurance Law and Practice, Directives issued by the Insurance Board of Sri Lanka (IBSL)and the Codes of Conduct and Manual of Procedures used by the insurance institution in question. The Ombudsman is more concerned with what is just and equitable and will always act in the interest of justice in each case.

The Ombudsman will decide on each complaint on its merits and will not consider the decision in one case as a binding precedent in another complaint of a similar nature. It has been agreed by the insurance institutions that are participating in this scheme that the principle of "binding precedent" which normally applies to courts of law (judges) will not apply to the Insurance Ombudsman scheme.

When and How to apply to the Ombudsman

Normally, when there is an insurance claim, the insurance company (insurer) will examine the claim and take steps to settle it to the satisfaction of the policy holder(insured). In exceptional circumstances, this may not happen and an insurance claim may remain unsettled or settlement is being inordinately delayed to the dissatisfaction of the policy holder. In such a case, the policy holder(the insured) can apply to the Insurance Ombudsman for relief and request the Ombudsman to ensure that the insurer settles the insurance claim.

No policy holder need pay any money to obtain the Ombudsman's services. He or she need only communicate with the Ombudsman's office by letter or by fax or personally call at the office which is situated at 143 A, Vajira Road, Colombo 5 (This is the same road on which the well-known Girl's School, Visakha Vidyalaya is situated). The Insurance Ombudsman functions in the same building at 143 a, Vajira Road Colombo 5 where the Financial Ombudsman Sri Lanka also has his office.

What particulars you should give when complaining to the Ombudsman

There are no formal/special application forms to fill up. All that you need do is to briefly write out your complaint in any language (English/Sinhala/Tamil) of your choice but please give your name/address/Telephone/Fax No. (if available) and also state the name of the insurance company and the insurance policy number. If the complaint refers to a motor vehicle please give the vehicle registration number.Only written/signed complaints will be entertained.

Do not forget to write

(a) Name of Insurer

(b) Insurance Policy No.

(d) Give a brief description of why you are making a claim

Do not send any documents. The Ombudsman's office will only call for documents if necessary. We normally get the insurance company to supply the required documents

Insurance Ombudsman's Office

The Insurance Ombudsman's Office is situated at No. 143 A, Vajira Road , Colombo 5 (This is the same road on which the well-known Girls school – Visakha Vidyalaya – is situated). The Insurance Ombudsman's Office is housed in the same building as the Financial Ombudsman's office.

The contact details of the Insurance Ombudsman's Office are as follows.

Address	No. 143 A, Vajira Road, Colombo 5
Telephone:	+ 9411 4528671

Fax:	+ 9411 4528670
	+ 9411 2595624

Email Address:	info@insuranceombudsman.lk

Web Address:	www.insuranceombudsman.lk

Insurance Ombudsman:	Dr. Wickrema Weerasooria

Reference:www.insuranceombudsman.lk

History of insurance

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In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help. Otherwise, neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread (for example countries in the territory of the former Soviet Union).

Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practised by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.[8] Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practised by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen or lost at sea.

Achaemenian monarchs of Ancient Persia were the first to insure their people and made it official by registering the insuring process in governmental notary offices. The insurance tradition was performed each year in Norouz (beginning of the Iranian New Year); the heads of different ethnic groups as well as others willing to take part, presented gifts to the monarch. The most important gift was presented during a special ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold coin) the issue was registered in a special office. This was advantageous to those who presented such special gifts. For others, the presents were fairly assessed by the confidants of the court. Then the assessment was registered in special offices.

The purpose of registering was that whenever the person who presented the gift registered by the court was in trouble, the monarch and the court would help him. Jahez, a historian and writer, writes in one of his books on ancient Iran: "[W]henever the owner of the present is in trouble or wants to construct a building, set up a feast, have his children married, etc. the one in charge of this in the court would check the registration. If the registered amount exceeded 10,000 Derrik, he or she would receive an amount of twice as much."[1]

A thousand years later, the inhabitants of Rhodes invented the concept of the 'general average'. Merchants whose goods were being shipped together would pay a proportionally divided premium which would be used to reimburse any merchant whose goods were jettisoned during storm or sinkage.

The Greeks and Romans introduced the origins of health and life insurance c. 600 AD when they organized guilds called "benevolent societies" which cared for the families and paid funeral expenses of members upon death. Guilds in the Middle Ages served a similar purpose. The Talmud deals with several aspects of insuring goods. Before insurance was established in the late 17th century, "friendly societies" existed in England, in which people donated amounts of money to a general sum that could be used for emergencies.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

Some forms of insurance had developed in London by the early decades of the seventeenth century. For example, the will of the English colonist Robert Hayman mentions two "policies of insurance" taken out with the diocesan Chancellor of London, Arthur Duck. Of the value of £100 each, one relates to the safe arrival of Hayman's ship in Guyana and the other is in regard to "one hundred pounds assured by the said Doctor Arthur Ducke on my life". Hayman's will was signed and sealed on 17 November 1628 but not proved until 1633.[9] Toward the end of the seventeenth century, London's growing importance as a centre for trade increased demand for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships’ captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.

Insurance as we know it today can be traced to the Great Fire of London, which in 1666 devoured 13,200 houses. In the aftermath of this disaster, Nicholas Barbon opened an office to insure buildings. In 1680, he established England's first fire insurance company, "The Fire Office," to insure brick and frame homes.

The first insurance company in the United States underwrote fire insurance and was formed in Charles Town (modern-day Charleston), South Carolina, in 1732. Benjamin Franklin helped to popularize and make standard the practice of insurance, particularly against fire in the form of perpetual insurance. In 1752, he founded the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. Franklin's company was the first to make contributions toward fire prevention. Not only did his company warn against certain fire hazards, it refused to insure certain buildings where the risk of fire was too great, such as all wooden houses. In the United States, regulation of the insurance industry is highly Balkanized, with primary responsibility assumed by individual state insurance departments. Whereas insurance markets have become centralized nationally and internationally, state insurance commissioners operate individually, though at times in concert through a national insurance commissioners' organization. In recent years, some have called for a dual state and federal regulatory system (commonly referred to as the Optional federal charter (OFC)) for insurance similar to that which oversees state banks and national banks.

Reference:wikipedia.org