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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2702

ABC Insurance registers 300 percent increase

By Quintus Perera – Asian Tribune

Colombo, 29 April, (Asiantribune.com): Feeling the pulse of the masses, ABC Insurance is totally dedicated to fulfilling the insurance requirements of people. Over 3 years in business, the company has won the hearts of people maintaining a truly Sri Lankan company, being the youngest in the fraternity of Sri Lankan Insurance, ABC Insurance made an indelible mark in the industry providing General and Life Insurance Polices.

Though they are comparatively new to the Insurance Business in Sri Lanka as their life-span is almost three years, they have been able to quickly move into this specialized market and the first quarter of 2008 showed an increase of 300 percent in their business, said Vinnie Gunasekera, Managing Director, ABC Insurance Co Ltd addressing a press conference held at Hotel Gladari last week.

He said that they are quite different from other insurance companies as they are more biased towards rural insurance. He said that in rural Sri Lanka around 70 percent are low income deriving farmers and in that group even fishermen are included. To penetrate into this market they rapidly grew and within these three years they were able to set up 17 branches.

By the end of this year ABC is hoping to establish anther two branches and by the end of 2009 ABC Insurance hopes to complete their countrywide penetration. ABC is concentrating on low income group rural insurance and already they have got more than 1,000 fishermen under their insurance network.

ABC’s strength has been their staff comprising over 250 in-house employees backed by 650 field staff. Their branch network covers 12 districts in the country. They are fully committed to provide customer-centric services to the masses. Their customer strength has grown to over 25,000 in general and life insurance segments.

ABC Group of Companies is around 25 years old and they are involved from airplanes to the motorcycle. As such they have made a huge contribution to the national economy.

They have introduced special insurance policies for farmers, peasants, agriculturalists, security forces and fisheries folk and they have a strong belief that they are the lifeblood of development of the Country.

Through their unique insurance policies they have provided benefits to the people working in the high risk fields, thereby securing the future of their dependants. /aBC Insurance provides sponsorships for national level sports events as well as cultural programmes etc.

ABC Insurance performances are: 2006 grow over 2005 – 634 percent; 2007 growth pending audit – 195 percent; General Insurance growth – 300 percent and growth as a whole showed an increase of 195 percent (before auditing).

- Asian Tribune -

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