Set up in 1999 with the primary objective of extending insurance cover to the rural population of Sri Lanka, Cooperative Insurance PLC has emerged as a prominent player in the insurance sector.
Amid the backdrop of economic instability in the country, the company’s success can be attributed to its introduction of affordable insurance packages, catering to a wide range of vehicles from small to super vehicles. This strategic approach has resonated with communities throughout the island, fostering partnerships with Cooperative Insurance in rural and urban areas.
Co-operative Insurance’s 2022 sales turnover was Rs. 5 billion.
At close of the third quarter in 2023, Cooperative Insurance holds assets valued at Rs. 10 billion. The company has disbursed motor vehicle claims totalling Rs. 1,794 million and non-vehicle claims amounting to Rs. 246 million by the end of July 2023.
CEO, Cooperative Insurance, Mrs Lanka Perera outlined the company’s core principle of minimising advertising costs and conducting administrative functions efficiently, with the ultimate goal of delivering maximum benefits to customers.
“The company has built a technological culture focused on ensuring maximum customer satisfaction through modern technology, which has been instrumental in our success,” she said.
Chairman of the company, Basil Senadheera said: “We have establishing the third largest service network in the insurance industry, with a commitment to serving all segments of the Sri Lankan population through a cooperative framework. This accomplishment has allowed Cooperative Insurance to reach areas often underserved by other companies.”
