People's Insurance Plc
CCSELK:PINS.N000025.80
LKR
+0.10
(+0.39%)
People's Insurance Plc
CSELK:PINS.N0000
(Colombo Stock Exchange)
Recent
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25.80
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div
yld
- -
ROIC.AI
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- Business
- People's Insurance PLC is a Sri Lanka-based general insurance company that provides a comprehensive suite of non-life insurance solutions to individual, commercial, and corporate clients across Sri Lanka. Founded in 2009 and headquartered in Colombo, Sri Lanka, the company operates as a subsidiary of People's Leasing & Finance PLC and is affiliated with the state-owned People's Bank group. People's Insurance PLC operates primarily across two business segments, comprising Motor Insurance and Non-Motor Insurance. The company's core product and service portfolio includes motor vehicle insurance, offering comprehensive own-damage, third-party liability, passenger protection, motor fleet solutions, and roadside assistance for private and commercial vehicles; fire and property insurance, providing coverage for fire and lightning, allied natural perils, burglary, and business interruption; engineering insurance, encompassing contractor's all risks, erection all risks, plant and machinery breakdown, and electronic equipment coverage; marine insurance, covering marine cargo, freight, transit, and hull risks; liability insurance, delivering public liability, product liability, employer's liability, workmen's compensation, directors and officers liability, and professional indemnity; and casualty, health, and personal lines, consisting of individual and group hospitalization, surgical cover, critical illness benefits, personal accident insurance, travel insurance, fidelity guarantee, and cash-in-transit protection. The company distributes its underwriting products through a dedicated nationwide branch network, accredited insurance brokers, direct sales agents, and integrated bancassurance partnerships with People's Leasing & Finance PLC and People's Bank. In recent developments, People's Insurance PLC has accelerated its digital transformation strategy by launching end-to-end digital policy issuance systems, customer self-service portals, and automated digital claims processing mechanisms with mobile self-inspection features for motor claims. Additionally, the company has actively diversified its underwriting mix by expanding its non-motor and corporate risk portfolios, established new strategic distribution partnerships across regional hubs to deepen retail penetration, and strengthened its enterprise risk management and capital structure in alignment with the Risk-Based Capital regulations set forth by the Insurance Regulatory Commission of Sri Lanka.