Sri Lanka’s Janashakthi Insurance says focusing on underwriting

Mar 07, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance has focused on containing claims and writing more profitable business in 2011, though investment income took a hit due falling stock market values, officials said. Gross written premium rose 15.7 percent to 7.1 billion rupees. The firm said motor premiums rose 13 percent to 3.8 billion rupees as vehicles imports rose.

The firm maintained claims and benefits at 3.08 billion rupees, flat from 3.07 billion rupees a year earlier.

“We have refrained from quoting rates that are uneconomical and do not add to our bottomline,” managing director Prakash Schaffter said.

General manager, finance and planning Bertal Pinto-Jayawardena said the firm worked with clients to reduce risk, such as by mapping areas with increased flood risk which was well received.

Its claims ratio had improved to 63 percent from 70 percent a year earlier.

Shehara de Silva, general manager marketing says the company is improving brand loyalty especially in motor where price competition is high.

Thought underwriting results improved to 983 million rupees from 880 million rupees profits fell 16.7 percent to 636 million rupees. Investment income fell to 894 million rupe