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UnitedIndiaInsuranceWikipedia,thefreeencyclopedia

UnitedIndiaInsurance
FromWikipedia,thefreeencyclopedia

UnitedIndiaInsuranceCompanyLimited(Wholly
ownedbyGovt.ofIndia)underDepartmentofFinancial
Services,MinistryofFinance(India),isapublicsector
GeneralInsuranceCompanyofIndiaandoneofthetop
GeneralInsurersinAsia(http://4.bp.blogspot.com/
hcDAEhs7IJo/TgVob5a88yI/AAAAAAAABW8/9Y_y1
5pnuw/s1600/Asia.jpg).Withthenetworthof 5407
croresandprofitof 528crores,thecompanyhas
collectedgrosspremiumof 9709croresasofinthe
financialyear201314.Thecompanyhasmorethan
sevendecadesofexperienceinNonlifeInsurance
businessandwasformedtoitspresentformbythe
mergerof22companies,consequenttothe
nationalisationofGeneralInsurancecompaniesinIndia.
implementationofUniversalHealthInsurance
ProgrammeofGovernmentofIndia&VijayaRajiJanani
KalyanYojana(covering45lakhswomeninthestateof
MadhyaPradesh),TsunamiJanBimaYojana(in4states
covering4.59lakhsoffamilies),NationalLivestock
Insuranceandmanysuchschemes.

Contents

UnitedIndiaInsuranceCompany
Limited

Type

WhollyownedbyGovt.ofIndia

Industry

Generalinsurance

Founded

February18,1938[1]

Headquarters Chennai,India
Keypeople

MilindKharat(Chairmancum
ManagingDirector)

Numberof
employees

18300

Website

www.uiic.co.in/home
(http://www.uiic.co.in/home)

1Offices
2Profitandperformance
3Futureplans
4Products
4.1Personalpolicies
4.2Commercialpolicies
5Awardsandrecognitions
6NewChallenges
7References
8Externallinks

Offices
UnitedIndiaInsuranceCompanyheadquarteredatChennaihasmorethan2046officesconsistingof28
RegionalOffices,8LargeCorporateOfficesand406divisional,673branchand876microoffices.The
Companyalsohas53ServiceandTPhubsfordedicatedservicetomotorpolicyclaimsandrelated
assistance.
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Profitandperformance
TheUnitedIndiaInsurancereportedasignificantjumpinitsprofitaftertaxatRs528croreforthefinancial
year201314.Grosspremiumcollectedfortheyearstoodat9609crores,upbyabout7%fromtheprevious
year.Networthofthecompanyalsowitnessedasteadyincreaseto5361crores.[2]
DuringthehalfyearperiodendedSeptember30,2011,thecompanycollectedatotalpremiumofRs4,033
crore,upby27percentfromRs3,178croreintheyearagoperiod.[3]"WehavesetatargetpremiumofRs
8,000crorethisyear,"hesaid.Onplansfortheyear201112,hesaidthecompanywouldfocusonretail,
microsmallandmediumenterprisesandruralinsurancesegments."Wewillfocusonagencychanneland
bancassurance.Agencychannelcontributed40percentandbancassurance7percent(inthefirsthalfofthe
year).Weexpectittoincreaseintheyearstocome,"hesaid.Replyingtoaquestion,hesaidthecompany
wouldbidfortheTamilNadugovernment'shealthinsurancescheme.Theinvestmentincomeofthe
companyforthefirsthalfoftheyearstoodatoverRs803croreasofSeptember30,2011.
Asteepreductioninmanagementexpenses(to25%from37%)claimsoutgoandanincreaseinpremium
incomeacrosssegmentshasenabledthecompanytopost57percentgrowthinnetprofitforthefirsthalfof
thecurrentfiscal.UnitedIndiaearnedRs.803crorefromitsinvestmentsduringthefirstsixmonthsofthe
201112.Themarketvalueofthecompany'sinvestmentsattheendofsecondquarterstoodatRs.15,803
crore

Futureplans
Logginganaveragebusinessgrowthof27percentin201112,India'sleadingnonlifeinsurerUnitedIndia
InsuranceCompanyLtddeclaredthatitistargetingagrosspremiumofRs.10,000croreinfiscalyear2013
14andsizeablereductioninunderwritinglossespremiumlessclaimsoutgotoRs.900crorefromlast
year'sfigureofRs.1,760crore.
Thecompanywouldfocustheretail,andsmallandmediumenterprises(SME)segmentsforgrowth.Itisin
theprocessofaddingfurthertoits48,000agentsandalsotoopenaround100onemanofficesacrossthe
country.Currently,thereare400suchmicroofficesbringinginaroundRs.275crorepremium.
CompanyiswaitingforapprovalfromtheinsuranceregulatorIRDAtointroducethreeproductsunderthe
healthportfolio

Products
Personalpolicies
Householder
Personalaccident
Mediclaim
Unimedicare
Bhavishyaarogya

Commercialpolicies
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Fireinsurance
Marineinsurance
Motorinsurance
Industrialinsurance
Liabilityinsurance

Awardsandrecognitions
UnitedIndiawinsTheSkochFinancialInclusionAward2013forMPowerprojectintheICTbased
innovationcategory.MPowerisapremiumpaymentservicerunningthroughmobile.
UnitedIndiagetsSkochaward2010:UnitedIndiaInsuranceCompanyhaswontheawardforsuccessful
implementationofthefinancialinclusioninitiatives.ThecompanyhasimplementedtheRashtriya
SwasthyaBimaYojanainKerala.Skochawards,distributedbySkochConsultancyServices,aremeantto
honourextraordinaryachievementsingovernance,capacitybuilding,empowerment,inclusivegrowth,
citizenservicesdelivery,technology,academicsandchangemanagement.[4]
UnitedIndiaInsuranceCompanyhasbeenselectedasoneamongthetopthreeGeneralinsurance
companiesinAsiabyAsiaInsuranceReviewatthe14thAsiaInsuranceIndustryAwardsheldinBali,
Indonesia.
UnitedIndiaInsuranceCo.Ltd.hasbeenawardedtheBestNonLifeInsuranceCompanybyNDTVProfit
BusinessLeadershipAwards2010.
UnitedIndiaInsuranceCo.Ltd.hasbeenawarded'iAAA'ratingforitsclaimspayingabilitybyICRA
(InvestmentInformationandCreditRatingAgency)forthethirdsuccessiveyear.Thisratingindicates
company'shighestclaimspayingability,itsstrongfundamentalanditsoverallfinancialstrengthfor
meetingthepolicyholdersobligations.
PCQuest,oneofIndia'spremierITmagazineshasselectedMPLSVPNprojectofUIICasoneofthebest
implementedITprojectsintheyear2007.ThedetailsofthesamearepublishedintheJune2007issueof
thePCQuestmagazine.MPLSVPNprojectofUIICwasselectedafterarigorousscreeningprocessin
which250ITprojectsofvariouscompaniesinthecountrywereevaluated.Subsequently,ajuryofeminent
personalitiesselectedthetop21ITprojectsimplementedin2007,inwhichtheMPLSprojectofUIIC
figuresprominently.

NewChallenges
TheRepublicDayvisitofUSPresidentBarackObama,toIndia,hasbroughtnewchallengestotheIndian
Governmentownedgeneralinsuranceindustry,withnuclearenergyriskcapping.Theproposednuclearrisk
poolthatwillbesetupinIndiawillhavefivegovernmentownedinsurancecompaniesGeneralInsurance
CorporationofIndia(GIC),NewIndiaAssurance,OrientalInsurance,NationalInsuranceandUnitedIndia
InsuranceprovidinghalfthecapacityfortheRs1,500crorepool.Therestwillcomefromthecentral
government.Itismeanttoinsuretherisksfromnuclearreactors.Therewillbecoverforbothhotzones
(radiationandnuclearreactors)andcoldzones(outsidereactorareas).Atpresent,nuclearreactorsinIndia
havecoversforzonesoutsidetheareaofradiationandnuclearreactors.Thisisduetothelackof
underwritingdataontheliabilityforhotzones.Oncethepoolisinplace,thepremiumswillgointothe
pool,andcoverforhotzonesanditsliabilitieswillbeprovided.
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In2010,ParliamentpassedtheCLNDAct,whichcreatesaliabilitycapfornuclearplantoperatorsfor
economicdamageintheeventofanaccident.Italsoleavesnuclearsuppliersfreeofmostliability.Industry
expertshadsaidbothnuclearoperatorsandsuppliersshouldbejointlyheldliableforcivildamagesincase
ofanaccident.
TheActalsoprovidesforstaterunNuclearPowerCorporationofIndia,whichoperatesalltheatomic
powerplantsinIndia,toseekcompensationfromsuppliersincaseofanaccidentduetofaultyequipment.
TheKudankulamNuclearPowerPlantinTamilNadu,the21statomicreactorinIndia,willnotbecovered
underthispoolbecauseitscontractwassignedmuchbeforetheActwaspassed.However,thisplanthas
beencoveredforitsnonradiationorcoldzones.
PrimeMinisterNarendraModiinhisstatementatthejointpressinteractionwithPresidentBarackObama
ofUnitedStatesofAmerica,saidthattheIndiaUnitedStatesCivilNuclearAgreement,wasthe
centerpieceofour(IndiaUS)transformedrelationship,demonstratingnewtrust.[5]
NationalreinsurerGeneralInsuranceCorporation(GICRe)planstoissueinsurancelinkedbondstoraise
Rs.750croreforcreatingcapacityfortheproposedIndianNuclearInsurancePool.Afterbreakthroughin
theUSIndiacivilnucleardeal,thegovernmenthasaskedGICRetoensurethatthepoolisoperational
immediately.Followingthewithdrawalofinsuranceandreinsurancecapacitybyforeignreinsurersfor
terrorismrisk,intheinternationalmarketpost9/11,allthenonlifeinsurersinIndia,alongwiththeGIC
Re,establishedtheTerrorismPoolin2002tocoverpropertydamageandconsequentiallossarisingoutof
anyterrorstrike.

References
1. "TopGeneralInsuranceCompany|UnitedIndiaInsuranceMotor,Health,Travel,House,Shop,PersonalAccident
products"(https://uiic.co.in/aboutus/companyprofile).Uiic.co.in.Retrieved20150220.
2. [1](http://www.uiic.co.in/pdf/publicdisclosures/pub201112_second/NL2_P&L_Account.pdf)
3. [2](http://www.uiic.co.in/pdf/publicdisclosures/pub201112_second/NL4_Premium_Schedule.pdf)
4. "UnitedIndiagetsSkochaward2010"(http://www.thehindu.com/todayspaper/tpbusiness/article1151356.ece).
TheHindu.20110203.Retrieved20130916.
5. DeepaNair(20150201)."GICReplanstoraise 750crviabondsfornuclearinsurancepool|BusinessLine"
(http://www.thehindubusinessline.com/industryandeconomy/banking/gicreplanstoraise750crviabondsfor
nuclearinsurancepool/article6845477.ece).Thehindubusinessline.com.Retrieved20150220.

Externallinks
Officialwebsite(http://www.uiic.co.in/)
Retrievedfrom"https://en.wikipedia.org/w/index.php?title=United_India_Insurance&oldid=669508069"
Categories: GeneralinsurancecompaniesofIndia GovernmentownedinsurancecompaniesofIndia
CompaniesnationalisedbytheGovernmentofIndia Indianbrands
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