HNB General Insurance to Renew Personal Motor and Home Policies

HNB General Insurance Limited (HNBGI), the fully owned Subsidiary of HNB Assurance PLC (HNBA) wishes to inform all its Personal Insurance Policyholders that Motor and Private Dwelling risks due for renewal from 1st to 31st March, 2020 will be held covered by the Company on expiring terms.

Spokesperson for the Company stated that this decision was made considering the prevailing situation in the country and the limited mobility. Whist the Company requests all Policyholders to access its services through the 24×7 call center, Company website and other social media platforms, the Company urges all citizen to stay indoors and follow all procedures as directed by the Government of Sri Lanka to combat COVID-19.

HNB General Insurance Limited (HNBGI) was incorporated as a fully owned subsidiary of HNB Assurance PLC (HNBA) in January 2015, to give effect to the regulatory requirement of segregation of Life and General Insurance businesses. HNBGI specializes in motor and non-motor insurance solutions, and is presently one of the fastest growing General Insurance Companies in Sri Lanka, with a network of 56 branches.

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HNB Assurance and HNB General Insurance is Committed to Honor all Claims Related to COVID-19

HNB Assurance PLC and its fully owned subsidiary HNB General Insurance Limited will honor all claims both life and medical related to COVID-19.

The spokesman for both companies stated that Insurance Companies are not liable to honor claims when a disease is classified as a pandemic. However, as a responsible corporate citizen, it is our duty to stand by our customers and our nation at this time of dire need. Therefore, HNB Assurance, the Life Insurance Company will honor the life and medical claims made by its customers related to COVID-19. What’s more, for those policies with the Hospitalization Per Day Cover, payment will be made for the number of days a person is confined to a structured quarantine process (excluding self-quarantine). Further, the General Insurance Company, HNB General Insurance will honor all hospitalization claims pertaining to COVID-19 if any.

The Company requests all persons to limit their movements in public, and encourages people to access its services through the call centers and the companies web sites as well as other digital channels. Premium payments could also be made online.

The Company urges all citizens to act responsibly at this time, and do each one’s part in containing the spread of this disease in our country by practicing simple measures such as social distancing, hand and face hygiene and above all, if exposed to an infected person, to follow the procedures as directed by the Government of Sri Lanka.

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Professional Indemnity Insurance, why you need it and why it matters.

You may excel in your profession, but deep down dwells the worry of uncertainty, no matter how affirmative you are in what you do.  As a professional in your line of work, you deserve to perform out of no fear in the event of such uncertainties that are likely to occur during the course of activity, be it:

  • Professional negligence
  • Breach of professional duty
  • Loss of documents
  • Loss of data
  • Unintended breach of copyright and/or confidentiality
  • Loss of goods
  • Loss of money

…so on and so forth.

This brings to attention that, what you seek is to carry out your work with greater confidence and peace of mind. Hence,

Professional Indemnity Insurance.

In a nutshell, this is an insurance product designed for professional entities and their people, which covers them in the event of certain errors made during the course of their business.

Why you need it?

Mistakes happen. Regardless of the number of years that your firm has been operating, regardless of the experience gained, there always stands a possibility that you or a colleague/team mate could make a mistake.

Why it matters?

Professional Indemnity Insurance covers a professional for their work. It covers the legal costs and expenses that might be incurred as a result of a legal case being made against a professional for their mistake. As an overall, it is important for a business as it brings out the freedom to offer services without having to build in the potential additional cost of any mistakes that the future holds.

So, Professional Indemnity Insurance matters. Be protected against the undesirable and unexpected business outcomes. Perform competitively. Perform professionally.

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HNBGI Tie-Up with HNB for SME Personal and Property Insurance

HNB General Insurance Limited (HNBGI), the fully owned subsidiary of HNB Assurance PLC (HNBA) announced a tie-up with its Parent Shareholder, the Hatton National Bank PLC (HNB). This tie-up offers a bouquet of General Insurance solutions for Small and Medium Enterprises and enables customers to enjoy a range of striking features such as special premium rates, an effective platform to obtain services and a personalized claims process.

Mr. Jonathan Alles, Managing Director/CEO of HNB stated “the SME sector contributes a significant amount to the GDP of the country and is considered to be the backbone of this economy. HNB as a leading entity in the private banking sector has taken various measures over the years to strengthen the SMEs, entrepreneurs and start-ups in Sri Lanka. The introduced initiative is one such measure to boost business opportunities as well as to provide fund capital and protection to stabilize the SME sector in the country”.

Sharing his views on the tie-up Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “the growing corporation across the Group has created many opportunities and the Company has always endeavored to provide effective Insurance solutions to its customers. Through the synergies of the Group we were able to develop a collaborative and a unique business proposition which offer a special range of General Insurance solutions for SMEs together with other banking solutions under one roof. A collaboration of this nature would offer a significant long-term value creation for stakeholders of both entities. This tie-up marks a natural business extension and opens up new prospects for both HNB and HNBGI.  This would further strengthen the Group’s footprint in the financial services market by creating new business prospects for HNB and HNBGI”.

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6 Tips for Driving in the Rain

Here are six useful tips for driving in the rain.

Slow down: Always drive at a slower speed when the roads are wet. The faster you drive in a rainstorm, the more likely you are to have an accident.

Maintain a reasonable distance with your front vehicle: Slick, wet roads and reduced visibility can lead to crash or accident. Give other vehicles plenty of space and brake early with reduced force.

Don’t brake while hydroplane: Pushing breaks may cause your vehicle to go into a skid or spin. Take your foot off the gas pedal and keep the wheel straight until your car reclaims.

Don’t use your cell phone while driving: Especially in the rainy days you need to give your full attention to your driving and keep your eyes on the road.

Clear your windshield: Heavy rain can cause your windshield to quickly fog up. clear your windshield to maximize your visibility.

Avoid big puddles: If you see a big puddle drive around or take a different route.

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HNBA and HNBGI Felicitate Managers of HNB

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) celebrated the outstanding performance of the Branch Managers and key members of the Retail Banking Management team of the Hatton National Bank PLC (HNB) at a glamorous event held recently. This event was graced by the presence of Mrs. Rose Cooray, Chairperson of HNBA and HNBGI and Director of HNB together with Mr. Kalum Wijesooriya, Chief Employee Experience Officer/Assistant General Manager – Deposits and Remittances of HNB and Mr. Deepthi Lokuarachchi, Managing Director/CEO of HNBA and HNBGI as Guests of Honor together with the senior management of HNB, HNBA and HNBGI.

Sharing her thoughts, Mrs. Cooray stated “the synergies of cooperation, expertise and assistance of the Group have helped both HNBA and HNBGI extensively in capturing growing markets and stabilizing its position in a competitive industry such as insurance. The interlinkages seen within the Group set a strong base for greater financial responsiveness and to be able to offer a holistic proposition to one’s financial needs as a Group”. Speaking at the event, Mr. Wijesooriya congratulated the winners of the night for their achievements and emphasized on the significant role of banking and insurance in growing financial markets of our economy and how important it is to develop product propositions to cater to the financial and protection needs of individuals as a Group.  Mr. Lokuarachchi thanked the Board of Directors and the senior management of HNB for their continuous support, stating “Banking and Insurance together provides us the opportunity as a Group to help people build and sustain their wealth and it is up to us to advice customers on the optimal levels of returns and protection they ought to have for themselves. So let us continue to work together to enrich lives of them that we serve”.

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HNB General Takaful Wins Gold at the Islamic Finance Forum of South Asia

HNB General Insurance Takaful, the Islamic Insurance unit of HNB General Insurance Limited (HNBGI), a fully owned subsidiary of HNB Assurance PLC (HNBA), received the Gold Award for ‘Takaful Window/Unit of the Year’ at the recently held Islamic Finance Forum of South Asia. Amongst many nominees from India, Pakistan, Maldives and Bangladesh, the Takaful Window of HNBGI claimed Gold proving its financial stability, diversity and scope in an emerging market.

Sharing his thoughts, Managing Director/CEO of HNBA and HNBGI Deepthi Lokuarachchi stated “This achievement augurs well for us as we transcend our services through cross sections of our society, while providing protection to people and businesses. I am extremely pleased and honored to note that we have emerged as the winner of this prestigious Gold Award”. Sharing views, HNBGI’s Chief Business Officer, Corporate Lines Chandana L. Aluthgama stated “the Takaful Window of HNBGI has been successful in establishing its presence in this specialized and unique market and the Takaful Window of HNBGI has been well focused on the needs of the community. The Company has taken extensive measures to develop more effective Takaful solutions in compliance with the Insurance Board of Sri Lanka and the Sharia Board guidelines. This accolade will further strengthen our resolve to keep improving on our product proposition, service delivery and customer interactions”. Speaking on the victory, Hifly Huzair, Senior Manager, Takaful thanked the team for their dedication, commitment and efforts to overcome the challenges in the market and to stabilize the venture within a short span of time.

Image caption: HNBGI Chief Business Officer, Corporate Lines Chandana L. Aluthgama receiving the Gold Award.

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HNB Assurance Continues to Grow Steadily

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of LKR 176 MN for the second quarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of LKR 41 MN recorded during the same period of 2016. The impressive performance of the Group reflected in all performance indicators. The Parent Company, HNBA posted a PAT of LKR 100 MN marking a growth of 54% while its subsidiary with a PAT of LKR  76 MN recorded a more impressive growth of 414% in PAT.

During the second quarter of 2017, the Group achieved a 22% growth in its Gross Written Premium (GWP), depicting a value of LKR 3.8 BN as against the GWP of LKR 3.1 BN recorded during the comparable period in 2016. The Life Insurance segment contributed a GWP of LKR 1,919 MN and the General Insurance segment contributed a GWP of LKR 1,901 MN to the overall GWP. The Life and General Insurance segments recorded Premium growth rates of 17% and 27% respectively. During the second quarter of 2017, the group recorded an investment income growth of 54% reaching a value of LKR 771 MN against LKR 500 MN recorded during the same period of 2016.  The Total Assets of the Group reached a value of LKR 16 BN and Investments in Financial Instruments reached a value of LKR 13 BN. During the same period the Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of LKR 10 BN and LKR 2.5 BN respectively.

Sharing her thoughts on the Group’s financial performance, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated, “We are indeed delighted to announce the results of another successful quarter.  Both Life and General Insurance segments have showcased steady revenue growths. The concerted and well targeted efforts the Group has taken throughout 2017 to grow profitable business has made both HNBA and HNBGI more resilient and competitive Insurance companies in the industry.  The Group continues to leverage on its core competencies in stabilizing its market share by delivering a substantial long-term value to our shareholders whilst meeting all our obligations to our valued customers with highest responsibility. These financial results are a testament of the Group’s continuous financial stability and its growth momentum”.

Speaking on the financial performance of the Group, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “Despite many tough challenges in a rapidly changing market, the Group has made significant strides by creating a stronger platform for growth by delivering a steady financial performance. This growth momentum of the Group showcases the strength of our business strategy and we are confident that both our Life and General Insurance companies will reach out as strong players in this industry”.

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HNBA and HNBGI Relocate its Galle Branch

Striving for excellence and delivering value to its customers and stakeholders, HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) relocated its Galle Branch recently. The Branch offers a full spectrum of Life, General and Takaful insurance solutions.

Speaking at the opening, Chief Operating Officer of HNBA, Mr. Prasantha Fernando stated “The Company has been expanding its Branch network across Sri Lanka, offering the best protection plans for individuals and families to face the challenges of tomorrow. The Branch is located in the heart of Galle and offers a range of Life, General and Takaful Insurance solutions. The Branch offers an interactive customer experience intertwined with the expertise of our professional Insurance Advisors and staff helping customers select the best form of protection for themselves as well as their families both in Life and General Insurance”. Expressing his views, Chief Business Officer of HNBGI, Mr. Jude Benjamin stated “We’re indeed thankful to the team led by the Galle HNBA Cluster Manager Harishchandra Rajanayake and HNBGI Cluster Manager Madusha Kulathunga, for their dedication and support as well as for the efficient management of Branch operations and for their customer service excellence which has led the Branch to foster blooming results”.

The Branch is located at No. 46/1/1, Colombo Road, Kaluwella, Galle.

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HNBA MD Discussed the Dynamic HR Practices of HNBA & HNBGI

The ‘people factor’ of an organization with no doubt is its greatest strength, making its management crucial in a highly competitive industry such as Insurance. HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) has deployed a Human Resource strategy for its staff which focuses on enriching the life of its employees, both through enhancing quality of time at work as well as providing for greater work-life balance.

Sharing views on the Human Resource strategy, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “The Human Resource strategy is a key success driver of any organization and it is believed that the Human Resource function adds a great deal of value to the corporation and the ‘people factor’ provides for greater stability of the business as well as superior organizational performance. Cherished Human Resource practices could result in a pool of competent and dedicated employees. The Group pays great emphasis on its recruitment strategy as well as in retaining its employees. As a Group with over 900 employees, the Strategic Human Resource practices extend beyond the standard Human Resource practices, to help our staff and their families fulfill their aspirations and dreams. Extensive measures are taken in order to create a contemporary organization culture with augmented values as well as a support mechanism to enable one to go forth in one’s career.”

Speaking further Mr. Lokuarachchi added “The Group has an ‘open door’ policy where employees could access the top management concerning any matter. Continuous learning and development is encouraged throughout each tier of the organization. The Group envisions creating charismatic leaders and has invested its resources in talent management and talent development which helps in building competencies and skills within employees. As part of the Human Resource strategy, training programs are conducted on a monthly basis focusing on professional as well as personal development of employees. These programs range from personal grooming to professional training to workshops on striking the right work-life balance and healthy living. A case in point here is the workshop that was held for staff on the prevention of Dengue and H1N1 as well as a workshop to help individuals understand what measures should be taken in order to spend the golden eve of one’s life in a happy and a healthy manner. These workshops were conducted by Dr. Shiromi Maduwage and Dr. Sameera Sennanayake of the College of Community Physicians of Sri Lanka. The Group identifies the true potential of each staff member and set in place a compensation scheme which has both monetary and non-monetary components. The Group constantly encourage employees in enhancing leadership roles and in empowering employees by creating additional tiers in the management hierarchy to allow career progression. In addition, the Group has taken a step forward in implementing advanced Human Resource Information systems and reward schemes”.

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