Nihal Senaratne commemorates platinum jubilee in insurance

With the staff of Senaratne Insurance Brokers

Nihal Senaratne lights the traditional oil lamp at his Thanksgiving service while daughter Shemara looks on

Senaratne Insurance Brokers Ltd. Chairman Sri Nihal Senaratne, completed 70 years of illustrious service in insurance broking on 1 February 2023. 

The occasion was marked by a Thanksgiving Service held at the Cathedral of Christ the Living Saviour in Colombo, which was presided over by the Bishop of Colombo Rt. Revd. Dushantha Rodrigo and graced with the presence of many distinguished guests, family, well-wishers and staff. 

Foundation for success

Senaratne comes from an eminent family who would have provided him with the foundation for his success. He was born on 3 January 1934 to eye surgeon Dr. Owen L.F. Senaratne, one-time head of the National Eye Hospital, Colombo, and diplomat Loranee Senaratne, the first woman to be appointed to head a Sri Lankan mission. 

Perhaps his roots in ophthalmology gave Senaratne the vision and foresight to build a well-reputed insurance practice, and his schooling in diplomacy no doubt taught him the skills of leadership and collaboration as well as equipped him with the fortitude to meet the unexpected. He has three siblings, Chandra, Onitha and Lal.

His exemplary lifestyle and erudite scholarship in insurance and management have inspired his son Dr. David Senaratne and daughter Shemara Senaratne to follow in their father’s footsteps. Both are Chartered Insurance professionals and actively involved in the Sri Lankan insurance industry. 

Qualities for success

Simplicity and humility are his hallmarks. But his quiet, unassuming manner belies an inner strength and deep spirituality that have been the rocks on which is built a career of integrity and professionalism.

Educator, mentor, accomplished leader and philanthropist, Senaratne has inspired many with whom he has come in contact. To his colleagues and subordinates, their Chairman is caring, considerate, and keenly interested in helping them to further their careers. 

He has been a father figure to many and has groomed his staff to be among the best in insurance broking, raising the bar in every area of insurance broking to ensure that high standards are maintained at all times. Sri Nihal Senaratne prefers the power of ‘word of mouth’ to promote the company rather than the services of a marketing team.

Despite his advancing years, he reports for work daily and continues to advise staff on technical matters. His quiet strength, keen mind and commitment to their personal and professional development are at the core of the company’s track record of high staff retention. 

Chief Operating Officer Udayanga Karunadasa, who has completed over 24 years with the company says: “Mr. Senaratne taught me everything I needed to handle general insurance and I learned a lot by visiting clients with the Chairman. He is a gentleman with qualities that are hard to find, ever willing to share all his knowledge with us.” 

Chief Technical Officer Ashan Perera rose from the position of Executive and has completed 17 years at Senaratne Brokers. He affirms: “I have gained immense technical knowledge from the Chairman and am grateful to him for grooming me to this level of seniority.”

Deputy Chairman Ainsley Alles who has been with the company since May 2016 sums it up: “Senaratne ensures that the client’s interests are at the forefront and leaves no stone unturned when analysing a client’s risk portfolio and providing risk transfer solutions. I still have a lot to learn from him. 

“I knew him from the early 1990s. He had wanted me to join the company more than 15 years ago and when I finally did, he welcomed me with open arms and asked me to uplift the staff with technical know-how that will help them to progress in their careers. Having gained his confidence, he gave me a free hand to lead the company to its next phase and I am now involved in most areas of operations.”  

Sri Nihal Senaratne has a passion for perfection and is meticulous in every business detail. This dedication and precision have enabled Senaratne Insurance Brokers to take its place among the most outstanding insurance broking offices in Sri Lanka. 

The company has earned many international accolades, the pinnacle of which was the recognition as the Corporate Chartered Insurance Broker by the Privy Council of the Chartered Insurance Institute of London, the first and only insurance broking organisation in South and Central Asia to be conferred with this honour. 

Senaratne Insurance Brokers is also a member of the Worldwide Broker Network (WBN) the largest fully integrated network of independent property and casualty insurance brokers.

Early achievements

From the commencement of his career, Senaratne demonstrated a passion for insurance that brought him to the apex of the insurance broking industry. 

He joined the insurance department of Bosanquet & Skrine Ltd. (now Whittall Boustead) who were the local agents for the Liverpool & London & Globe Insurance Co. Ltd., on 1 February 1953 as a trainee manager, and in the mid-1950s, travelled to the UK to qualify as an Associate of the Chartered Insurance Institute of London. While there, he was employed as an insurance executive by the Royal Globe head office in Liverpool. 

On returning to Sri Lanka, he re-joined the Whittalls Group as an Assistant Manager and handled the insurance for its estate sector, becoming the youngest Director of the Whittalls Group, specifically, of Gordon Frazer & Co. Ltd., at 34 years of age. He was also appointed Chairman of several plantation companies in the Whittalls Group during this time.

In the mid-1970s, following a career of nearly 20 years with the Whittals Group, he decided to venture out on his own, and started an Insurance Consultancy and Agency on Flower Road, Colombo 7, on the premises of his father’s surgery. 

On 14 September 1979, he incorporated Senaratne Associates Ltd. with just two employees. This was restructured as an insurance Broking company, Senaratne Insurance Brokers Ltd. after the privatisation of Insurance in 1988, and was among the very few companies to receive the insurance broking license from the Controller of Insurance during that time.

Hallmarks of success

His range of qualifications supports his extensive experience in insurance. A product of Royal College, he is a Chartered Insurance Broker, Associate of the Chartered Insurance Institute of London and of the Insurance Institute of India, and also holds a Fellowship in the Chartered Management Institute. 

His wealth of knowledge in management and insurance prompted his appointment as both Sri Lanka Insurance Institute President and Sri Lanka Insurance Brokers Association President. During his tenure as President of the two institutions, he was instrumental in making several landmark decisions that placed both institutions on a solid foundation.

Additionally, he became the Founder Vice President of the Association of Chartered Insurance Professionals and was instrumental in drafting its Constitution and in placing this institution on a sound footing as well.   

His fondness for the Sri Lanka Insurance Institute continues to this day as he spearheads a project to construct a building for the Institute, working tirelessly to collect funds for the project to which he himself has contributed generously. 

Senaratne’s track record in insurance has also been recognised in other industries, both locally as well as internationally. He was appointed Chairman of the Insurance Advisory Committee of the Ceylon Chamber of Commerce in which capacity he served for about 20 years, as well as Chairman of the Colombo Tea Traders Association. 

He was also honoured as the first private sector representative to be appointed by the Government to the Insurance Advisory Committee, which is the statutory body under the aegis of the Insurance Regulator. 

Internationally, he was invited to address the British Insurance Industry in 1986, the only Sri Lankan to have been conferred the honour. He has also functioned as a member of the International Roster of Insurance Experts of UNCTAD since 1978.

To commemorate this momentous anniversary, Senaratne Insurance Brokers is building a church in Agarapathana for the spiritual upliftment of the community.