Excellent growth for market leader in medical insurance

The UAG team accepting the award for Excellence in Growth – Medical Insurance

Recognising preeminent performers across a broad spectrum of insurance categories in both the life and general insurance segments, Union Assurance General Ltd. (UAG) was awarded the title of ‘Excellence in Growth – Medical Insurance’ (General Insurance) at the very first Insurance Industry awards organised by Fintelekt in association with the Insurance Association of Sri Lanka (IASL). 

Supported by a strong underwriting team and leading customer servicing team, UAG’s medical insurance coverage is without doubt one of the best in the industry. Providing protection for employees of large corporates and individuals alike, UAG’s affiliation with one of the largest property and casualty insurers in the world – Fairfax has proven to be a crucial success factor. Fairfax has insurance operations spread across geographies and the expertise brought in by them has allowed UAG to better understand and address the needs of the market. Displaying a consistent and healthy growth in revenues, client base and segment profitability for the financial year 2015, UAG professed a significant growth in this segment and holds the highest market share in the industry.

“The importance of having health insurance should not be dismissed or underestimated. Rising medical costs can wipe out a lifetime of savings with just one major medical event and people have begun to understand the value of having a medical coverage to counter their health contingencies,” stated General Manger Underwriting Ruanthi Gooneratne.

“We are thrilled to win this award that recognises the efforts of our sales, underwriting and claims teams who have been working tirelessly to grow our business,” stated General Manager Sales and Marketing Niranjan Nagendra. “We continue to see a growing market for medical insurance and we are excited about the opportunity this presents to us.”