For over six decades, Sri Lanka Insurance Corporation General (SLIC General) has served the country as a trusted, government-owned insurer, providing essential protection to individuals, businesses, and national infrastructure. Following regulatory changes, in 2024 the company’s general and life operations were formally separated. Today, SLIC General stands as a market leader in general insurance, known for its expansive reach and role in safeguarding the country’s critical assets, from expressways and iconic landmarks to the entire fleet of the national airline.
But in a sector often dominated by standardised offerings, SLIC General is leaning into customisation, flexibility, and innovation. It has introduced targeted solutions like Motor Plus, Medi 60, and Business Club to serve niche but vital customer segments. At the same time, it is investing in digital tools, from virtual claim inspections to paperless policy delivery, ensuring that service keeps pace with rising expectations.
Beyond profitability, the company sees itself as a national safety net that’s helped Sri Lanka through several crises. As it looks ahead, the company aims to deepen insurance penetration, support disaster preparedness, and become the country’s leading digital insurer. Asiri Wickramarachchi, Chief Officer – General Insurance of SLIC General, shares how the brand is balancing tradition and transformation to deliver on its responsibility to both customers and the country.
In what ways does SLIC General differentiate itself in terms of customer experience and claim reliability?
If you look at the final 2024 financial figures from the Insurance Regulatory Commission of Sri Lanka (IRCSL), SLIC General is the market leader in general insurance. How do we differentiate ourselves? It comes down to a few things, mainly personalisation, our reach, and how we handle claims.
We have a salesforce of around 2,500 and 142 branches across the country. So whether it’s micro, retail, or corporate customers, our team can meet them face-to-face and provide a highly personalised service. We don’t just focus on selling, we advise them on the most suitable cover. Sometimes that might mean a higher premium, but it’s about giving them the right protection. For example, with motor insurance, we always recommend insuring for the current market value, so they don’t face deductions during a claim.
When it comes to claims, we aim to be fast and accurate. In 2024 alone, we paid Rs10.5 billion in claims. We’ve set up express claims, where some are settled within a day or two, and also digital claims, especially for medical insurance and the Suraksha scheme, which is done in partnership with the Ministry of Education to cover schoolchildren in Sri Lanka. Most importantly, as a government-owned insurer, we’re always mindful of our responsibility to the nation: to set an example in integrity and service.
Throughout its decades-long history, how has SLIC General’s market position evolved and what milestones best define that journey?
Sri Lanka Insurance has a history of over 60 years. Back then, it was a composite insurer, handling both life and general insurance under one company. But as per IRCSL guidelines, in 2024, we separated into SLIC General and SLIC Life. If you look at 2024, we had a turnover of over Rs25 billion and a post-tax profit of Rs3.2 billion. We’re the market leader in general insurance, the leader in motor, medical, liability and miscellaneous classes.
Now, when we talk about milestones, I’d say insuring major national projects stand out. Over the years, we’ve covered expressways, high-value buildings, like the Lotus Tower, and even the entire Sri Lankan Airlines fleet. There’s also Surakshka, which is a huge policy covering schoolchildren in the country, and it’s not easy to administer, but we do it as it’s our responsibility. And if you look at claims, we’ve stood up in tough times. After the 2001 terrorist attack on the airport, the 2005 tsunami, and the 2016 floods in the Colombo suburbs, we paid out, often in billions. That’s something we’re proud of.
Finally, we’ve been backed by the Swiss Re reinsurer as a treaty leader for over 10 years. Having that level of consistent support from a global reinsurer helps us face catastrophic events without putting pressure on the national treasury.
In a market often driven by standardised offerings, how does SLIC General embrace customisation and flexibility?
As you know, we’re competing with private companies, and they’re always trying to innovate, bringing new products into the market. SLIC General is also in that race. We always try to stay one step ahead. We’ve got tailor-made products across the board, whether it’s micro, retail, or corporate. Through the postal service, we also offer a third-party motor product. So, whatever the product, chances are SLIC General already has it. And if a corporate client needs something new, we can develop it. We’re always looking at how to meet the customer’s specific requirements.
Even with claims, there’s flexibility. For example, with motor insurance, a lot of customers ask to use their preferred garages, and we’re open to coming to a mutual agreement. The idea is to keep the experience smooth and effective for them. We also provide 24/7 support through our call centre. For medical claims, we offer cashless facilities. And for motor insurance, we even allow virtual inspections, which can be done by the customer using their phone. Collectively, these efforts aim to make the whole claims process hassle-free.
Today, if you look at our portfolio, we serve a lot of major corporations. Their expectations are high, but we’ve always delivered. That level of flexibility and support is something we plan to keep improving.
Sri Lanka Insurance Colombo
How does SLIC General design targeted insurance solutions like Motor Plus, Medi 60 or Business Club to address niche but critical customer segments?
So as I mentioned earlier, there are standard insurance products in the market, but there are also more specialised ones for niche needs. For example, banks often need customised covers, and now we’re seeing demand grow for cyber insurance. If there’s a data breach or hacking incident, the policy can kick in to cover cyber extortions, business interruptions or even marketing expenses during recovery. SLIC General offers these kinds of products too.
When it comes to distribution, we work closely not only with our own sales force, but also with over 80 registered brokers across the country. Most corporations go through brokers, so we rely on their feedback to fine-tune our offerings and stay competitive. It’s a strong channel for us. We also work with banks and leasing companies, who often have a financial interest when giving out loans, say for a commercial property or a leased vehicle. In those cases, the bank or leasing company and the customer are both insured. These partnerships help us design solutions that really fit.
On top of that, we’ve launched around six online products, like travel and third-party insurance, that customers can purchase directly online. And we’re continuing to expand that range to include more products in the future. It’s all about understanding specific needs and delivering accordingly.
What bold goals or transformations will define the next chapter of SLIC General?
Looking ahead, our first goal is to maintain our number one position in the market. That’s the baseline. Beyond that, we’re also targeting a 20% increase in profits over the next year or two. We recorded a post-tax profit of Rs3.2 billion in 2024, and the management is working towards growing that. Another big area is digital transformation. Going forward, we see online as the future, just like in many other countries, where most policies are sold digitally. There are some social barriers locally, but we expect those to shift over time, and we’re getting ready.
We also have a national duty. In the event of a major catastrophe, like the 2004 tsunami and 2016 floods, we step in to help reinstate people and rebuild. That’s something only a national insurer can do. Ideally, we want more people insured in advance. It reduces the financial burden on the government and helps people recover faster. We’re working closely with the regulator to support wider insurance penetration across the country.
Our broader vision is to become Sri Lanka’s leading digital insurance provider. That means going paperless, offering digital policies, and making services more accessible. It’s a challenge in the public sector, but it’s time to make that shift, for both the company and the customer.
Further information about the 100 Most Valuable Brands in Sri Lanka:
Sri Lanka’s Top 100 Most Valuable Brands
Introducing Brand Finance and Sri Lanka’s Most Valuable Brands
Brand Valuation Methodology: Identifying Sri Lanka’s Top 100 Brands