Amana Takaful General Insurance records significant growth in 1Q

Wednesday, 2 June 2021 00:28 - - {{hitsCtrl.values.hits}}

Records 27% GWP growth despite COVID-19 pandemic
Substantial growth ratios recorded in all sub-classes – motor, medical, marine and fire insurance

Amana Takaful Insurance (General) CEO Shehan Feisal

Managing Director Hassan Kassim

Amana Takaful Insurance yesterday announced its performance in the General Insurance sector for the first quarter of 2021 to have recorded a 27% YoY growth in Gross Written Premium (GWP), the industry dipstick for insurance sales performance.

Amana Takaful Insurance (General) CEO Shehan Feisal said: “I am pleased to announce that Amana Takaful Insurance is among the leaders of Sri Lanka’s insurance sector in the first quarter of 2021. What is significant is that this feat has been achieved amid many pressures of the new normal; macro-economic pressures, insurance sector constraints and the pandemic’s pressure on people’s lives.”

The company also reported strong growth in all insurance classes during the first quarter. Its largest non-motor insurance growth segment was Marine Insurance, growing at a staggering 69% compared to 2020. Amana Insurance’s Fire & Engineering Insurance was the second largest growth area in Q1 2021 growing by 38%, while Medical Insurance grew by 35%. The growth in Motor Insurance was also recorded at 19%, one of the highest growth percentages among industry peers.

Managing Director Hassan Kassim said: “The rapid growth that we are witnessing at Amana Takaful Insurance in 2021 must be attributed to the key strategic changes that were made in 2020, which brought in fresh thinking and modern processes into the organisation. Overall, we’re happy with the team’s performance so far, as we look to continuously improve ourselves in being the most customer-friendly insurance company in Sri Lanka.”

It is believed that Amana Takaful Insurance’s novel, innovative and customer-centric approach to insurance in Sri Lanka, coupled with its refreshed brand identity that was launched in January 2021, has provided these significant results despite the current macro-economic situation and health challenges within the country.