Two firms based in Sri Lanka, Commercial Bank of Ceylon and Ceylinco Insurance, and Bima, a Sweden-based microinsurance service provider, recently launched an insurance program to protect microborrowers against permanent disability and accidental death.
The insurance product suite includes three categories: Silver, Gold and Platinum, with monthly premiums of LKR 150 (USD 1.06), LKR 300 (USD 2.13) and LKR 600 (USD 4.26) respectively, providing accident coverage of LKR 1 million (USD 7,099), LKR 2 million (USD 14,199) and LKR 4 million (USD 28,398) and life coverage of LKR 50,000 (USD 355), LKR 100,000 (USD 710) and LKR 150,000 (USD 1,065).
As of December 2014, Commercial Bank of Ceylon, which operates in Bangladesh as well as Sri Lanka, reported total assets of LKR 797 billion (USD 650 million) and return on assets of 1.60 percent. As of December 2014, Ceylinco reported total assets of LKR 90.5 billion (USD 650 million) and return on assets of 11.7 percent. As of May 2015, Bima serves 6 million customers in Bangladesh, Ghana, Indonesia, Mauritius, Senegal, Sri Lanka and Tanzania. It is in the process of expanding into Papua New Guinea.
By Caroline Zhu, Research Associate
About Commercial Bank of Ceylon
Founded in 1920, Commercial Bank of Ceylon is a Sri-Lanka based bank providing financial services in Sri Lanka and Bangladesh. As of December 2014, it reported 257 branches – 239 in Sri Lanka and 18 in Bangladesh; 625 ATMs – 606 in Sri Lanka and 19 in Bangladesh. As of December 2014, Commercial Bank of Ceylon reported total assets of LKR 797 billion (USD 650 million) and return on assets of 1.60 percent.
About Ceylinco Insurance
Founded in 1939, Ceylinco Insurance is an insurance provider in Sri Lanka, offering various insurance products such as life insurance, motor insurance, fire insurance and marine insurance. As of December 2014, Ceylinco reported total assets of LKR 90.5 billion (USD 650 million) and return on assets of 11.7 percent.
About Bima
Bima, a brand name of the firm Milvik, is a Sweden-based microinsurance service provider that works via mobile phone network operators. It is owned by Sweden’s Investment AB Kinnevik and Mauritius-based LeapFrog Investments. As of May 2015, Bima serves 6 million customers in Bangladesh, Ghana, Indonesia, Mauritius, Senegal, Sri Lanka and Tanzania. It is in the process of expanding into Papua New Guinea.
Sources and Additional Resources:
[1] The Nation News, “Insurance for micro borrowers”, http://nation.lk/online/2015/08/08/insurance-for-micro-borrowers/
MicroCapital Universe Profile: Bima
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