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State-owned United India Insurance Co Ltd is in talks with Life Insurance Corporation of India to offer a combo product of life and general insurance, according to Milind Kharat, Chairman-cum-Managing Director of UIIC.
The company also plans to enter the the SAARC and the Gulf markets for general insurance during the course of this year, he added.
Speaking to newsmen in Coimbatore late on Saturday, he said in the last fiscal, the company made a gross premium income of about Rs 9,260 crore, which was a 13 per cent growth. It also made a profit after tax of Rs 527 crore during 2012-13. During the current year, the company has targeted a premium income of Rs 10,500 crore.
Conceding that the growth in premium income during the last financial year was less than that in the previous fiscal which was about 28 per cent, he attributed it to the economic slowdown witnessed in the country and the decline in automobile sales. The company has planned to open 531 micro offices across the country in tier IV towns and also has planned to bolster the sales force by adding about 15,000 new agents to promote its products which he felt would help UIIC to achieve its growth plans despite economy under stress with automobile sales continuing to decline.
Asked whether UIIC was planning to enter the life insurance space, the company’s Chairman & Managing Director said it did not have any such plans. But it was in
discussions with LIC to develop and sell a combo product that would have both life and general insurance components. He said he was not aware of any other insurance company offering such a combo product either within India or abroad.
Asked about the status of plans to list UIIC by floating an IPO which has been on the air for sometime, he said this was an issue to be decided by the Central Government and he would not like to comment on it.
On UIIC's plans to promote its business, he said the agency business was growing and the company also recognised the potential of online business as people are becoming tech- savvy and has taken steps to give a thrust to online sale of general insurance products.
Kharat, commenting on overseas foray, said UIIC was eyeing the SAARC countries and the West Asian markets. It was looking at the local regulations and once the plans were finalised it would seek IRDA's approval. At present, UIIC was intending to go it alone though it was not averse to joining hands with any other insurance player and initially it planned to open one office each in SAARC region and in West Asia this year.
On the hit taken by the insurance companies in Uttarakhand due to floods, he said it was estimated that the non-life insurance claims might be in the order of about Rs 3,000 crore and United India itself has received about 37 claims involving a total amount of about Rs 500 crore. This was mainly from hydro electric power projects that took a major hit due to the floods. He said the company would take steps to settle the claims expeditiously. The surveyors were not able to approach the damaged areas and he said the claim ratio may go up later.
Source: thehindubusinessline
The company also plans to enter the the SAARC and the Gulf markets for general insurance during the course of this year, he added.
Speaking to newsmen in Coimbatore late on Saturday, he said in the last fiscal, the company made a gross premium income of about Rs 9,260 crore, which was a 13 per cent growth. It also made a profit after tax of Rs 527 crore during 2012-13. During the current year, the company has targeted a premium income of Rs 10,500 crore.
Conceding that the growth in premium income during the last financial year was less than that in the previous fiscal which was about 28 per cent, he attributed it to the economic slowdown witnessed in the country and the decline in automobile sales. The company has planned to open 531 micro offices across the country in tier IV towns and also has planned to bolster the sales force by adding about 15,000 new agents to promote its products which he felt would help UIIC to achieve its growth plans despite economy under stress with automobile sales continuing to decline.
Asked whether UIIC was planning to enter the life insurance space, the company’s Chairman & Managing Director said it did not have any such plans. But it was in
discussions with LIC to develop and sell a combo product that would have both life and general insurance components. He said he was not aware of any other insurance company offering such a combo product either within India or abroad.
Asked about the status of plans to list UIIC by floating an IPO which has been on the air for sometime, he said this was an issue to be decided by the Central Government and he would not like to comment on it.
On UIIC's plans to promote its business, he said the agency business was growing and the company also recognised the potential of online business as people are becoming tech- savvy and has taken steps to give a thrust to online sale of general insurance products.
Kharat, commenting on overseas foray, said UIIC was eyeing the SAARC countries and the West Asian markets. It was looking at the local regulations and once the plans were finalised it would seek IRDA's approval. At present, UIIC was intending to go it alone though it was not averse to joining hands with any other insurance player and initially it planned to open one office each in SAARC region and in West Asia this year.
On the hit taken by the insurance companies in Uttarakhand due to floods, he said it was estimated that the non-life insurance claims might be in the order of about Rs 3,000 crore and United India itself has received about 37 claims involving a total amount of about Rs 500 crore. This was mainly from hydro electric power projects that took a major hit due to the floods. He said the company would take steps to settle the claims expeditiously. The surveyors were not able to approach the damaged areas and he said the claim ratio may go up later.
Source: thehindubusinessline
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