Senaratne Insurance Brokers celebrates 40th anniversary

Senaratne Insurance Brokers Ltd. (previously Senaratne Associates Ltd.) had its beginnings in Flower Road in a small office with a staff of a mere five individuals plus the Chairman as far back as 1979.

Nihal Senaratne

Over these past 40 years, its technological competence as professional insurance intermediaries has enabled a rapid growth with a staff now of over 50 team members including the Chairman and two other Directors carrying the Chartered qualification from the UK-based Chartered Insurance Institute.

The insurance industry in Sri Lanka was nationalised in 1964 and thereafter was liberalised in 1988, following which it is believed that the first company to receive a broking license was Senaratne Insurance Brokers Ltd., effectively only a precursor to the many outstanding notches on its belt over the years to come.

Limitations of space makes it difficult to mention here all the significant achievements of this company, whether involving an individual team member and/or the corporate entity itself. However, it is of interest to touch on some of the more distinctive milestones highlighting its progress on the road to success since incorporation.  

To start with, Senaratne’s Chairman Nihal Senaratne was appointed in 1978 as a member of the International Roster of Insurance Experts of UNCTAD; in 1986, the Chairman was the only Sri Lankan to have been invited by the Association of British Insurers (ABI) to address the British Insurance industry in London; in 1988, Senaratne’s was at that stage the first insurance broking company in Sri Lanka to have been appointed as ‘Lloyd’s correspondents’ with ‘Cover Holder’ status; the only insurance broking company to have had on its Board at one and the same time three past Presidents of the Sri Lanka Insurance Institute, illustrating its unstinted commitment to sharing of knowledge; the Deputy Chairman Ainsley Alles acts as Consultant/Expert in Insurance for the Asian Development Bank in Manila and also as Business Analyst on insurance for the Khutzi Technology of Australia – indeed a plethora of academic achievements coupled with widespread insurance experience both locally and internationally.

Last but not least, the crowning glory of this company emerged in 2017 when in recognition of its technical competence and its commitment to reinforcing the highest standards of professional practice in its business dealings Senaratne’s was awarded the prestigious ‘Corporate Chartered Insurance Broker’ status by the Chartered Insurance Institute in the UK, empowered by the Privy Council, the first and only firm, as at date, to enjoy such distinction in the whole of South Asia. 

Such appointments are made only in exceptional and highly deserving cases and remain the benchmark of professional excellence and integrity. 

With over 120,000 members in more than 150 countries, the Chartered Insurance Institute is the world’s largest professional body dedicated to insurance and financial planning. It is understood that, up to now, less than 200 firms worldwide have achieved ‘Corporate Chartered Insurance Broker’ status, indicating that this is a highly exclusive award reserved for leading insurance Broking companies, underpinning best practice, good customer service and a commitment to ethical practice.

It is this with considerable pride and satisfaction that these brokers celebrated their 40th anniversary, when team members together with their families enjoyed a weekend at a five star beach hotel, in further cementing the bonds of fellowship and camaraderie.