Universal Sompo General Insurance Company Limited (USGI), an India-based joint venture of Japanese insurance company Sompo Japan Insurance and a group of unidentified Indian companies, recently announced that two new microinsurance products, Saral Suraksha Bima and Sampoorna Suraksha, were submitted to regulatory authorities for approval. Saral Suraksha Bima is designed to provide sickness and injury coverage while Sampoorna Suraksha is intended to provide coverage that ranges from illness and injury cover to home and contents insurance.
Since February 2008, USGI has offered Aapat Suraksha Bima, a health insurance product covering against five unspecified diseases. Aapat Suraksha Bima policies are bundled for sale with other microfinance products through partner retail institutions.
USGI is capitalized with shareholder funds of approximately INR 2.3 billion (USD 50 million).
By Carol Kim, Research Associate
About Universal Sompo General Insurance Company, Limited (USGI): USGI was established in 2007 as a joint venture established between the Japanese insurance company Sompo Japan Insurance and a group of unidentified Indian companies to introduce combined packages of microinsurance, microcredit and other products to rural communities in India. USGI is capitalized with shareholder funds of approximately INR 2.3 billion (USD 50 million). Sompo Japan Insurance Incorporated is a Fortune 500 Company headquartered in Tokyo with a presence in 27 countries and five product lines that include property, marine, general accident, workmen’s compensation and motor. Sompo reports capital of JPY 70 billion (USD 912 million) as of March 31, 2011. The group of Indian partners include three banks with a combined asset base of INR 926 billion (USD 20.4 billion) and approximately 4,000 branches and distribution centers, and a consumer goods company in India with approximately 15 million retail outlets.
Sources and Additional Resources:
Sompo Japan Press Release: “Alleviating Poverty and Supporting Self-sufficiency with Microinsurance in India”, August 2011, http://www.sompo-japan.co.jp/english/about/csr/pickups/contents1.html
MicroCapital.org: “MICROCAPITAL BRIEF: Aviva Life Insurance India, Microfinance Institution Bhartiya Samruddhi Finance Limited (BSFL) Launch “Straight Through Processing” System to Streamline Microinsurance Enrolment”, July 15, 2011, https://www.microcapital.org/microcapital-brief-aviva-life-insurance-india-microfinance-institution-bhartiya-samruddhi-finance-limited-bsfl-launch-“straight-through-processing”-system-to-streamline-microinsura/
MicroCapital.org: “MICROCAPITAL BRIEF: IFMR Trust, Manipal Education and Medical Group (MEMG) Join Government of India’s Rashtriya Swasthya Bima Yojana (RSBY) Health Microinsurance Program”, June 29, 2011, https://www.microcapital.org/microcapital-brief-ifmr-trust-manipal-education-and-medical-group-memg-join-government-of-india’s-rashtriya-swasthya-bima-yojana-rsby-health-microinsurance-program/
MicroCapital’s Universe Profile: Universal Sompo General Insurance Co., Ltd. (USGI), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Universal+Sompo+General+Insurance+Co.%2C+Ltd.+%28USGI%29
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