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Our History

We are a leading insurance company in Sri Lanka with our origins dating back to 1988, when, as Union Assurance, we introduced general insurance to this emerging economy. Fast forward a few decades, and in 2015, we became part of the global Fairfax Group. Subsequently, via acquisition, we added to our portfolio the capabilities and strengths of Asian Alliance General Insurance.

While global in our dealings, we are still Sri Lankans at heart. In a landscape where competition secures market share based on top line, our core focus remains to be the best insurer and not the biggest. For us, our operating mantra is guided by the notion that top line is vanity and bottom line is sanity.

Over 2015 to 2020, the company recorded ~17% CAGR in GWP which gives us a market share of 13%, recorded ~15% CAGR in PAT and ~14% CAGR in growth in equity. Operationally we are solid with great distribution and channel strengths, solid underwriting and claims process, market beating service standards, robust compliance and controls, a brand that is soon emerging as the top insurance brand and a culture that is empathetic, innovative and authentic.

So, while we are a part of a global insurance group, we continue to be proud of our legacy as pioneers of insurance in Sri Lanka with award winning capabilities in delivering insurance solutions in Motor and Health, maintaining leadership in most segments like marine, fleets, property, liability, construction, engineering, etc. In strengthening Fairfax Group’s position in the Sri Lankan Insurance sector we have one of the best multi-distribution capabilities in the industry and an experienced workforce of over 1400 spread across 50+ comprehensive service centres.

Our design-thinking based innovation culture pushes us to engage in continuous innovation to compete with global standards – be it in the external or internal environment. We always believe that we must #GiveItATry to make things better. This is the FairfirstWay.