Ceylinco Life pays Rs. 421 m in claims in 2011

Wednesday, 25 January 2012 00:02 - - {{hitsCtrl.values.hits}}

Settles over 95% of intimated death claims

Life insurance leader Ceylinco Life said yesterday it has settled over 95% of intimated death claims in the year ended 31 December 2011, maintaining its record as the best in settlement of claims in Sri Lanka’s life insurance sector.

Of the total of 15,564 claims settled by the company between 1 January and 31 December 2011, 14,336 were in respect of medical claims, while the death claims settled by the company during the year numbered 1,228.

The total value of claims paid was Rs. 421 million, with 75% or Rs. 315 million representing death claims. As per Annual Accounts, it had paid nearly Rs. 500 million as claims on death, disability and hospitalisation in 2010.

Ceylinco Life said only 66 claims were outstanding at the end of 2011, and of these nearly 60% were received during the final weeks of 2011. All of these claims had been settled by 20 January 2012.

“Our policy is to settle any valid claim within a 30-day period of receiving one,” Ceylinco Life’s Managing Director and CEO R. Renganathan said. “Speedy and hassle-free settlement of claims has become a hallmark of Ceylinco Life, and this is borne out by statistics.”

Of the medical claims paid by the company during 2011, Hospital Cash Benefits of Rs. 47 million, paid to 13,416 policyholders, accounted for the largest number. This represented an increase of 6.8 per cent in value terms from the Rs. 44 million paid as settlement of Hospital Cash Benefits in 2010.

Besides Hospital Cash benefits, Ceylinco Life paid Rs. 21 million to 657 policyholders in respect of major surgeries, Rs. 24 Million to 178 policyholders in respect of critical illness (Ceylinco Family Digasiri), Rs. 7 million to 67 policyholders in respect of partial disability and Rs. 7 million to 18 policyholders in respect of total and permanent disability during the year.

Independently rated as one of Sri Lanka’s most valuable brands, Ceylinco Insurance operates the largest branch network in Sri Lanka’s life insurance industry, and has been the country’s leading life insurer for the past seven years.