Union Assurance General Limited (UAG), part of the Fairfax group, launched the Union Smart Shop policy - a comprehensive shop insurance policy specifically designed for Sri Lanka’s small and medium shop owners who make up a substantial portion of Sri Lanka’s small and medium enterprise (SME) sector.
SMEs form the backbone of not just our economy but those of most countries. According to global statistics, SMEs contribute more than 50 percent to the gross domestic product (GDP) of developed countries and constitute 95 percent of registered firms across the world. As per government estimates, around 80 percent of Sri Lanka’s businesses fall under the SME umbrella and they contribute over 50 percent to the GDP of the country.
Union Smart Shop takes into account the personal and operational risks faced by small and medium shops and provides coverage for property damage, money, personal accident, a daily hospital allowance and free coverage for workmen’s compensation and public liability.
UAG CEO Dr. Sanjeev Jha stated, “As an insurance provider, it is important for us to identify and address the needs of this vibrant community of entrepreneurs. We now have this product available for purchase at all of our 43 branches across the island.”
From left: Assistant Business Promotion Manager Saman Fernando, Negombo Branch Manager Indika Fernando, Zonal Manager Roshan Jayalath, CEO Dr. Sanjeev Jha, shop owner W. De. Z. Siriwardane, Deputy General Manager Priyantha Perera and Marketing Manager Sasith Bambaradeniya
W. De. Z. Senanayake, a resident of Negombo, who is the owner of a mid-scale retail store named Valora, was issued the very first Union Smart Shop policy with a coverage for Rs.25 million.
UAG is part of the Fairfax group, one of the largest general insurance groups in the world. Fairfax Financial Holdings Limited is a holding company which through its subsidiaries is engaged in property and casualty insurance, reinsurance and investment management. Based in Toronto, Canada and listed in the Toronto Stock Exchange, the Fairfax group has total assets of approximately US $ 42 billion, revenues of approximately US $ 10 billion and common shareholders’ equity of approximately
US $ 9 billion.