Universal Sompo General Insurance Company Limited, a venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments and Sompo Japan Insurance Inc, is eyeing a 2-3 per cent share in the domestic general insurance market in the next two to three years.
Speaking to mediapersons here, Universal Sompo executive chairman ON Singh said the company, which started its operations in November 2008, intends to have a business portfolio including 30 per cent of automobile industry, 40 per cent of the retail, and the remaining 30 per cent constituting health, accident and marine insurance business in the coming years.
Singh was here to inaugurate a new branch of the company, its 15th branch in India. Singh maintained that even as bancassurance would be the primary channel to reach a large customer base, especially in the small and medium enterprise (SME) segments by leveraging their association with banks, Universal Sompo intends to have 17 physical branches, including six in the northern states, which are expected to be operational by the end of the current financial year.
Universal Sompo, at present, offers 40-odd insurance products that could be categorised into property, marine, general accident and workmen association.
Commenting on the future products of the company, Singh said innovative covers in the pipeline included customised corporate solutions with optimum risk management, nil depreciation covers, gap insurance, weather derivatives, loan tenure motor secure, loss of job with lifetime event coverage insurance, long-term construction equipment insurance, long-term farmers package and tractor insurance.
Universal Sompo, which has a capital base of Rs 235 crore, is targeting a premium base of Rs 50 crore by the end of the current financial year and intends its insurance venture to multiply its previous year’s growth by four times, to around Rs 200 crore by the next financial year.