Tell us about you
Universal Sompo General Insurance Company is a joint venture of Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investments, and Sompo Japan Insurance. It is general insurance company synergising in a unique partnership. Sompo Japan Insurance Inc. is a Fortune 500 Company with a capital of 70 billion yen, and is present in 27 countries with over 15,000 employees and 69,028 agents. The company is headquartered in Mumbai, the financial capital of India.
Universal Sompo General Insurance Company Ltd. offers a multitude of insurance products and their bouquet of insurance products includes health & critical illness, personal accident & disability, home, motor, and property for individuals, offices, shopkeepers’ package, and other non-life packages for small entrepreneurs. The company received the licence and certificate of registration from Insurance Regulatory and Development Authority in November 2007.
Universal Sompo General Insurance Company was ranked fifth among the top 15 non-life insurance companies as per the ICMR-BFM survey. It is the first amongst the general insurance companies to implement the Integrated Grievance Management System – real-time/online grievance reporting system implemented by IRDA for all insurance companies.
Universal Sompo Health Insurance policies help to protect your family against financial emergencies and pays for hospitalisation expenses as well as domiciliary hospitalisation benefits if you suffer from an illness or accidental injury during the policy period.
Car insurance plans help you to escape from expenses on your car or any other vehicle due to any calamity. The plans cover vehicles used by the insured or used by insured's employees for social, domestic and recreation purposes and also for professional reasons (excluding carriage of goods other than samples). The plans do not cover vehicles used for hire or reward, racing, pace making, reliability trials, speed testing and use for any purpose in connection with the Motor.
Two-wheeler insurance provides protection to your vehicle against natural and manmade calamities like rockslide, fire, flood, earthquake, etc. Two-wheeler insurance has two variants-comprehensive & third party, which is compulsory by law. A two-wheeler policy not only gives you a defence against unforeseen things but it also curtails your economic load cropped up during accidents.
For many people around the world, passenger carrying vehicles are the main source of income. Owning and operating such vehicles will certainly yield profits, however, one should also understand that this profession is risky. In order to safeguard your investment from accident and third party damages, it is vital to buy commercial vehicle insurance for your passenger carrying vehicles.
Goods carrying vehicles form an important part of your business. When there is a problem with the vehicle, then most likely your business will also be affected. So it becomes indispensable to insure your vehicle to ensure the smooth functioning of your business. Moreover, commercial vehicles are used extensively as compared to personal vehicles. Therefore, it is necessary to insure them.
Home Insurance plans cater to the overall requirement of you as a house owner and give you comprehensive coverage.
Personal accident policy gives you the much needed financial security you want to give your family. Personal accident policy doesn’t stop with death benefits only as it covers other dire consequences also like permanent/temporary disability, etc.
It is advisable to compare all Universal Sompo General insurance plans with plans from other general insurance companies in India and zero down the insurance plan that suits you the most.
The Universal Sompo General Insurance Company operates with the help of more than 50 branches. Moreover, the company provides for its customers easy channels of access to its products through its 24x7 call centre and a transactional website.
Sompo Japan Nipponkoa Insurance has increased its stake in Universal Sompo General Insurance Company from28.4% to 34.6%. With this move, the insurer has become the largest shareholder in the general insurance sector.
As per the source, the parent company Sompo Holdings entered the insurance business in India in the year 2007 via investment in USGI. The company later entered into retail business after seeing the potential growth and since then it has been growing to become one of the leading insurers.
As per the Insurance Act 2015, the international partners were allowed to hold up to 49% share in insurance companies in India. However, due to the relaxation on regulation in the year 2015, Sompo Holdings had increased its ownership.
Recently, the company has 6.2% shares held by Karnataka Bank. The other shareholders include Allahabad Bank with 28.52% stake, Indian Overseas Bank with 18.06% stake and Dabur Investment Corporation with 12.81% stake.
Due to the constant economic growth, the property and accidental insurance market in India have been seeing a rapid growth up to average 17% in the year 2017. This is expected to reach about two trillion Yen in the coming years.
An executive officer was appointed as well to lead the position of Deputy CEO in the insurance company. The company by keeping its commitment towards India business proposes to add more value to USGI through digital and commercial business.
The Motor Accident Claims Tribunal, Chandigarh, has announced it as a joint liability of the driver, the owner, and Universal Sompo General Insurance Company Limited, the insurance provider of the car, to compensate Rs 32 lakh to the family of the accident victim.
The accident victim, Dalip Kumar Maggo, was 56-year old and was working with the Haryana’s directorate of census operations. On 4th February, 2015 he was killed due to being hit by a Tata Indica Vista car that was driven rashly. The car hit his two-wheeler from the back near the Sector 44-45 signal.
Maggo was taken to the nearby GMCH (Government Medical College and Hospital) in Sector 32, and was declared as brought dead by the doctors. Aseem Bansal, Maggo’s son in law lodged an FIR (First Information Report) as an eyewitness in the case
Universal Sompo and Corporation Bank (Mangalore-based mid-sized public sector bank) have signed a memorandum of understanding (MoU) with each other. The idea behind signing this memorandum is to provide accident death cove to the existing holders of saving account under Corp Saral, Corp Super, and Corp Signature category. In a press release on 6th February, 16, Corporation Bank announced that the bank is providing free personal accident death cover of ₹5 lakh and ₹10 lakh to its Corp Super account holders and Corp Signature account holders respectively. The MoU was signed in the presence of VV Vendhen, Bancassurance Head at Universal Sompo General Insurance Co Ltd. and Jai Kumar Garg, Chief Executive Officer and Managing Director, Corporation Bank. Corporation Bank has a vast network of more than 9,000 centres all over India, which includes 2,061 branches, 4,349 branchless banking units, and 2,599 ATMs. Also, 59.82% stake in the bank is held by government.