Universal Sompo General Insurance Company
Headquartered in Mumbai, India, Universal Sompo General Insurance Company Limited is a private public joint venture in general insurance where two nationalized banks, namely Allahabad Bank and Indian Overseas Bank, one private sector bank namely Karnataka Bank Ltd, one FMCG namely Dabur Investment Corp and a leading general insurer from Japan namely Sompo Japan Nipponkoa Insurance Inc have formed a general insurance company. It is India's first Public - Private Partnership in General Insurance Industry.
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| Public Private Partnership | |
| Industry | General Insurance |
| Founded | 2007 |
| Headquarters | , |
Area served | India |
| Products | Health Insurance, Car Insurance, Travel Insurance, Home Insurance, Two-Wheeler Insurance, Student Travel Insurance |
| Website | www |
Corporate history
The Company received the Licence and Certificate of Registration from IRDA in November 2007. The joint venture has been capitalized with shareholders’ funds of over 435.80 cr. including share premium. Three of the Indian partners are leading banks with a combined asset base of Rs. 92,602 crores and over 4000 branches and distribution centers. Plus the 4th largest FMCG Company in India with over 15 million retail outlets. Sompo Japan Insurance Inc. Headquartered in Tokyo, with a capital of 70 billion yen, is present in 27 countries - has over 15,000 employees and 69,028 agents and its total premium income for 2006 - 2007 was in excess of (equivalent to) Rs.50,000 cr. twice that of the Indian General insurance industry. Universal Sompo has a Gross Written Premium (GWP) of Rs 902.65 Crores for the year ended March 31, 2016. The company issued over 1.6 million policies and settled over 1,11,787 claims as on March 31, 2016.
Products and Services
Universal Sompo has about 135 IRDA approved products in its basket and is operating on a pan India basis through 86 Branches and 17 Zonal Offices. Universal Sompo has a dedicated 24*7 Claim Care Helpline no. 1800 200 5142, to assist customers for intimating a claim with the company.
Financials
Universal Sompo has a Gross Written Premium (GWP) of Rs 902.65 Crores for the year ended March 31, 2016. The company issued over 1.6 million policies and settled over 1,08,925 claims as on March 31, 2016.