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The Co-operative loans Schemes which had been in existence since 1906, came under the SANASA Banner. |
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At a Programme aimed at strengthening Volunteer Welfare Organizations, It was found that “Funeral Donation” Welfare Organizations were considered very important by the indigent population. |
| These Societies however were not totally beneficial to the needy, as the dependents of the deceased never received any livelihood benefits after the funeral. | |
| At this juncture the problems of Poverty reduction and means of providing Maximum benefits to the needy among the Rural Population were considered as being of Prime Importance by Dr P. A. Kiriwandeniya. | |
| He was determined to instill the concept of Insurance among the People and succeeded in making them realize that Funeral Donation schemes were only the Primary Stage of Insurance and that Savings and Insurance were 2 sides of the same coin. | |
| In the beginning the introduction of Insurance Plans to the public was a very difficult process. To overcome this situation People were educated on the value of Insurance, through various programs which were formulated and presented at rural level. |
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| Thereafter SANASA Head Office established 07 Funeral Donation Societies in Kegalle at Karandupana. | |
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Accidental death Insurance was introduced. And the average population was provided Insurance cover for many hazards faced in their day to day occupations. |
| A wide range of occupational hazards were covered by these insurance Policies. With time more people realized the value of Insurance and 2 new unique Policies were introduced, namely Social Security and long Term cover. | |
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With the Progress of awareness and acceptance of Insurance from region to region, it became necessary to establish a fully fledged Insurance Company. |
| By Act of Parliament on a Special Provisions Bill under the Social Security Ordinance approval was granted and the Company was formed as All Lanka Mutual Assurance Organization (ALMAO). | |
| Operating as a reliable Insurance Company it became essential that to strengthen the Image, The SANASA INSURANCECOMPANY affiliated with an Insurance Brokering Company. | |
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Land Insurance Policies were issued. SANASA INSURANCE was not a registered Company; it was therefore not permitted to process Life Insurance Cover. With the assistance of ALMAO expertise, SANASA INSURANCE COMPANY received Registration as a fully fledged Insurance Company. |
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There were 37,154 Life Policy Holders. SANASA Life Policy had received the People’s Trust. It now became evident that SANASA having originally operated as an Insurance Provider had now to open Doors as an Independent Insurance Company, to meet customer demand. |
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SANASA INSURANCE COMPANY commenced independent operations. Subsequently with the assistance provided by ALMAO; SANASA INSURANCE COMPANY was able to offer Policies for all standard Insurance, such as Vehicle, General etc. in addition to Life Insurance. |
| 17 % of Sri Lanka’s Population has placed their confidence in the Insurance Policies Issued by us. | |
| SANASA INSURANCE COMPANY is today a recognized establishment especially among the low income group and the rural population, as the Insurance Company that provides, affordable Insurance, with substantial benefits. | |
| At present there are 40 SANASA Insurance Company Branch offices spread all over Sri Lanka. | |
| To achieve the vision of SANASA INSURANCE COMPANY the assistance received from SANASA DEVELOPMENT BANK and SANASA EDUCATION INSTITUTIONS [Campus] are invaluable. These Organizations are major collaborators in the Establishing and Successful growth of SANASA INSURANCE COMPANY. | |