Universal Sompo General Insurance Co. Ltd.
Universal Sompo is a Joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank Limited, Dabur Investments, and Sompo Japan Insurance Inc. USGIC is having paid-up capital of Rs. 368.18 Cr with the Profit of 206.71 Cr with premium growth of 22.48% in FY 2018-19. The Company is headquartered in Mumbai and has 87 branches and 17 Zonal offices across India. The Company received the Licence and Certificate of Registration from Insurance Regulatory and Development Authority in November 2007. Universal Sompo General Insurance is India’s first non-life general insurance company that has the support and partnership of credible Public & Private corporate entities from India and Japan. Our stakeholders are Indian Bank (28.52%), Indian Overseas Bank (18.06%), Karnataka Bank (6.00%), Dabur Investments (12.81%), and Sompo Japan (34.61%). All these three of the Indian partners are leading banks (Allahabad Bank, Indian Overseas Bank, and Karnataka Bank Ltd) with a combined asset base of Rs. 3, 14,071 Crores, and over 10000 branches and distribution centers. Dabur investment Corp is the 4th largest FMCG Company in India with over 1.5 million retail outlets. Sompo Japan Nipponkoa Insurance Inc. is a Japanese insurance company. The “Sompo” in the company's name means “property insurance” in Japanese, though Sompo Japan Nipponkoa offers a range of financial services including life insurance, securities, asset management, and venture capital businesses. The company has 152 IRDA approved products and 108 Add-ons that Include Health & Critical Illness, Personal Accident & Disability, Home, Motor, Property for individuals, Offices, Shopkeepers Package and other non-life packages for Small Entrepreneurs, besides Employee Benefit, Operational, Project Insurance, Liability, and other special products for Corporates. The company maintained claim settlement ratio 99.83%, more than 1.5 lakhs claims settled in financial year 2018-19.