Premium collections by public sector-owned insurers increased 12 percent ma...
In order to tap the presence of large Indian community in Middle East and SAARC (South Asian Association for Regional Cooperation) countries, United India Insurance Company has planned to expand its business in these regions.
United India Insurance Company Limited (UIIC) is one of the 4 public General Insurance Companies of India. It is one of the leading General Insurance players in the industry which includes public and private sector. This company has more than three decades of experience in Non-life Insurance business and is has high plans to achieve newer feats in the near future.
According to Mr. Milind Kharat, C.M. D of the Company, United India is planning to start its operations in Middle East and SAARC countries as the survey revealed that there is huge potential for the insurance business on account of large India community and foreign companies. He further added that this plan is still at a preliminary stage and would be operational subject to regulatory approvals.
While addressing at the customer’s meeting Mr. Kharat announced that the operations could be through a joint venture or a branch or a model and that the operational activity is expected to commence in a few months’ time and is confident that at least one office would be operational by March 2013, subject to necessary permissions.
With regard to the business performance, he said that company has been growing at 20% even during a recessionary period and is targeting premium collection of Rs. 10,000 crores this financial year and the premium collected for 1st half year has already touched to Rs. 4,757 crores. For the Financial year 2011-12 the premium collection was Rs. 8,179 crores as against the premium collection of Rs. 6,376 crores for corresponding previous year 2010-11. At present the Company has 15% market share with about 1,436 branches and is focusing on the rural areas to tap the huge potential of the uncapped market. He also happily disclosed the fact that the Company maintains the highest earning among the all the Public Sector Units Insurance Companies in the country having 12% business from Marine business, 47% from Motor insurance, 30% from health insurance and balance from Fire and other insurance. He also said that online insurance policy plan launched 18 months ago is gaining popularity and more than 17,000 policies have been sold online.
Mr. Kharat also announced that, subject to permission from I.R.D.A. the Company will introduce three more insurance products in the market, out of which two will be in motor insurance and one will be in health insurance.
In Human Resource front, he said that at present their headcount stood to 17,000 employees and they plan to recruit more 1000 personnel, out of which 400 will be in different fields and balance 600 will be at clerical cadre. He also added that number of small offices i.e. offices managed by one person, will be doubled from 350 at the beginning of this year to 700 by end of this financial year.