Chandra Schaffter: A Life Built on Resilience, Integrity and Service

Few figures in Sri Lanka’s corporate history have left as distinctive a mark as Chandra Schaffter, widely regarded as a pioneer of the country’s insurance industry. His journey from personal hardship and humble beginnings to becoming a respected entrepreneur and industry leader is one shaped by resilience, integrity and a deep commitment to people.

Schaffter lost his mother at the age of three and his father at eleven. Growing up without parental guidance, he found direction through institutions and mentors, particularly during his years at S. Thomas’ College, where discipline, integrity and resilience became enduring values.

His professional journey began after he was unable to enter medical school. For nearly a year, he walked the streets of Colombo in search of employment before securing a clerical position at Ceylon Insurance Company with a monthly salary of Rs. 130.

That modest beginning marked his entry into an industry he would eventually help transform.

Schaffter later joined a Canadian insurance company and advanced rapidly before the firm withdrew from Sri Lanka. He subsequently spent nearly 15 years at Carson Cumberbatch, gaining extensive experience in insurance and helping its division grow significantly.

A major turning point came when he left a secure and well-paid position to work as an insurance agent. With a wife and four children depending on him, the decision involved considerable financial uncertainty. Without a fixed salary or safety net, he built his livelihood through persistence, relationships and professional credibility.

His reputation eventually opened doors that capital could not. His work with organisations including James Finlay and the National Insurance Corporation strengthened his standing in the industry. At one point, a government bank reportedly provided him with a guarantee without collateral, relying on his reputation and credibility.

In 1994, with the backing of investors, Schaffter founded Janashakthi Insurance PLC, entering a market dominated by established players. The early years brought intense competition and resistance, but the company continued to grow and became a significant force in Sri Lanka’s insurance sector.

Janashakthi's general insurance business was later sold to Allianz, while the group retained a strong presence in life insurance.

Schaffter’s contribution also extended into cricket. As a player and administrator associated with the Tamil Union Cricket and Athletic Club, he played a role in Sri Lanka’s cricketing community. Grounds connected with the club hosted historic matches, including games involving legendary cricketer Don Bradman. Schaffter later served as a national selector and team manager, roles he has described as among the most rewarding periods of his life.

Beyond business and sport, his leadership philosophy has centred strongly on people. He has consistently advocated treating employees as members of a wider family, emphasising empathy and personal responsibility alongside organisational performance.

His commitment to social development has also seen him support schools for deaf and blind students and initiatives such as Gateway to Vision. He has backed programmes aimed at improving opportunities for underprivileged communities, including English-language training for plantation youth that helped participants access employment opportunities.

Schaffter has also spoken openly about the challenges facing Sri Lanka, particularly the difficulties experienced by plantation communities. He has highlighted issues including inadequate housing, education and access to essential facilities, while maintaining his belief in the resilience, kindness and generosity of Sri Lankan people.

His life story ultimately reflects more than corporate achievement. It illustrates how adversity, credibility, courage and a commitment to others can shape a lasting legacy.

From walking Colombo’s streets in search of his first job to building one of Sri Lanka’s notable insurance businesses, Chandra Schaffter’s journey remains a story of perseverance and service—and a reminder that leadership can be measured not only by what one builds, but also by the lives one helps uplift.