Enabling enterprise and encouraging entrepreneurship

Union Assurance General Ltd. (UAG) a 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 SME sector. Small and medium enterprises form the backbone of not just our economy but those of most countries. 

According to global statistics SMEs contribute more than 50% to the Gross Domestic Product (GDP) of developed countries and constitute 95% of registered firms across the world. As per Government estimates, around 80% of Sri Lanka’s businesses fall under the SME umbrella and they contribute over 50% to the Gross Domestic Product (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.” 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 coverage for Rs. 25 million.  Union Assurance General is a part of the Fairfax Group, one of the largest general insurance groups in the world. Fairfax Financial Holdings Ltd. is a holding company which through its subsidiaries is engaged in property and casualty insurance, re-insurance and investment management. Based in Toronto, Canada and listed in the Toronto Stock Exchange, the Fairfax Group has total assets of approximately Rs. 42 billion, revenues of approximately Rs. 10 billion and common shareholders’ equity of approximately Rs. 9 billion.