Orient Insurance debuts today

Orient Insurance Ltd., a fully-owned subsidiary of Arab Orient Insurance Company PSC of the United Arab Emirates, will make its entry to the Sri Lanka’s General insurance market from 1 December 2011, a press release issued by the company states.

Arab Orient is one of UAE’s largest and strongest insurance giants with a gross written premium base of AED 1.13 billion, Rs. 34 billion, which almost nears the size of total gross premiums written in the Sri Lankan market.

As part of its expansion plans, Orient Insurance Ltd. Sri Lanka has been established with a direct foreign investment of Rs. 750 million and benefits from technical assistance extended by its parent who has also introduced world renowned reinsurers Swiss Re, SCORE, etc. to take part in its reinsurance programmes.

Orient’s Chief Executive Deepthi Lokuarachchi said: “Coupled with our core strengths, we in the near future will create platforms to offer novel risk solutions to both corporate and individual customers, thus adding value to a market which is highly innovative and managed according to international standards.”

Arab Orient Insurance Ltd., part of the prestigious Al-Futtaim Group, UAE, enjoys an A rating from Standard & Poor’s and an A (Excellent) from AM Best. The company has been listed on the UAE stock market since 2006. Further it recorded a double digit growth of 13% in 2010 and earned the highest net profit in UAE with a market share of over 10%.