ABC marks steady increase in business

By Quintus Perera
Though comparatively new to the Insurance Business in Sri Lanka, ABC Insurance has been able succeed in a specialised market showing an increase of 300 percent in business in the first quarter of 2008, said Vinnie Gunasekera, Managing Director, ABC Insurance Co. Ltd. addressing a press conference, held at Hotel Gladari last week.

He said that, they were quite different from other insurance companies, as they were more biased towards rural insurance. He said that in rural Sri Lanka around 70 percent were low income deriving farmers, and in that group even fishermen were 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 was hoping to establish another 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. 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 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 programs.

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).