Co-operative Insurance Company PLC reports total assets valued at Rs. 10 billion at the end of third quarter in 2023
Established in 1999 with the primary objective of extending insurance coverage to the rural population of Sri Lanka, Cooperative Insurance PLC has emerged as a prominent player in the insurance sector, garnering widespread attention across the nation in recent years.
Amidst the backdrop of economic instability within the country, the company’s success can be attributed to its introduction of affordable insurance packages, catering to a wide range of vehicles from small to super vehicles. This strategic approach has resonated with communities throughout the island, fostering partnerships with Cooperative Insurance in both rural and urban areas.
Co-operative Insurance’s impressive 2022 sales turnover, achieved Rs. 5 billion, captured the interest of numerous industry players, further underscoring the company’s financial stability during a challenging economic climate.
As of the close of the third quarter in 2023, Cooperative Insurance holds assets valued at Rs. 10 billion. In addition, the company disbursed motor vehicle claims totalling Rs. 1794 million and non-vehicle claims amounting to Rs. 246 million by the end of July 2023, reflecting the company’s commitment to its policy holders and its ability to maintain its financial viability.
Mrs Lanka Perera, the Chief Executive Officer of Cooperative Insurance PLC, emphasised the company’s core principle of minimizing advertising costs and conducting administrative functions efficiently, with the ultimate goal of delivering maximum benefits to customers.
“Furthermore, the company has built a technological culture focused on ensuring maximum customer satisfaction through modern technology, which has been instrumental in our success,” Mrs Perera said.
Mr. Basil Senadheera, the Chairman of the company, said: “We have establishing the third-largest service network in the insurance industry, with a commitment to serving all segments of the Sri Lankan population through a cooperative framework. This accomplishment has allowed Cooperative Insurance to reach areas often underserved by other companies.”
Looking ahead to 2024, Cooperative Insurance PLC remains dedicated to providing exceptional care to its customers through insurance plans and claims settlement. The company is actively planning to enhance its services, further elevating the customer experience.