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By Jayanath Abesuriya
The head of Aviva NDB Insurance says that higher claims from customers as a result of the recent flood devastations had hit the company hard by reducing its overall profits.
Accordingly, during the recent financial year ending March 31, 2011, the company’s General insurance segment reported a net underwriting loss of Rs.338 million primarily due to the adverse losses of Medical and Motor classes of business as well as adverse weather.
“The two flood in May and November that affected the Western province adversely impacted the financial performance of General insurance business,” Aviva NDB Insurance Managing Director, Shah Rouf outlined in his message to the shareholders in the company’s recently published Annual Report.
He forecast that the challenge for 2011 remains with the transformation initiatives targeting General insurance profitability and the ability to maintain realistic pricing levels in the face of unsustainable price competition in the market.
“In this respect, I welcome the amendment to the insurance regulation that warrants a separation of the Life insurance and General insurance businesses of composite insurers within the stipulated timeline of four years and the subsequent mandatory listing on the stock exchange within the next five years.” he said.
http://www.thebottomline.lk/2011/05/08/page3.html
The head of Aviva NDB Insurance says that higher claims from customers as a result of the recent flood devastations had hit the company hard by reducing its overall profits.
Accordingly, during the recent financial year ending March 31, 2011, the company’s General insurance segment reported a net underwriting loss of Rs.338 million primarily due to the adverse losses of Medical and Motor classes of business as well as adverse weather.
“The two flood in May and November that affected the Western province adversely impacted the financial performance of General insurance business,” Aviva NDB Insurance Managing Director, Shah Rouf outlined in his message to the shareholders in the company’s recently published Annual Report.
He forecast that the challenge for 2011 remains with the transformation initiatives targeting General insurance profitability and the ability to maintain realistic pricing levels in the face of unsustainable price competition in the market.
“In this respect, I welcome the amendment to the insurance regulation that warrants a separation of the Life insurance and General insurance businesses of composite insurers within the stipulated timeline of four years and the subsequent mandatory listing on the stock exchange within the next five years.” he said.
http://www.thebottomline.lk/2011/05/08/page3.html
