United India plans foray into West Asia, Saarc

Tags: Insurance
United India Insurance plans to enter the West Asian and Saarc countries to tap the potential in these regions due to a presence of a large India diaspora, a top company executive has said.

“United India is eyeing operations in West Asian and Saarc nations. Though this is in preliminary stage, a detailed survey has revealed rich potential due to a large Indian diaspora and business activities of Indian and foreign companies,” the state-owned company’s CMD Milind Kharat said.

“The operations could be through a joint venture or a branch or an agency model and is expected to be commissioned in a few months,” Kharat, who was here to address a customers’ meet, said.

He was confident that at least one centre would begin operations before March 2013, subject to clearances.

On the business quantum, he said United India has been maintaining 20 per cent growth this year despite the economic slowdown and a substantial drop in sales of motor vehicles in the country.

“The company is targeting to surpass premium collections of Rs 10,000 crore this financial year,” he said.

In the first half of the year (half year ended Sept 30 2012), premium collected touched Rs 4,757 crore. Last year, United India clocked Rs 8,179 crore, against Rs 6,376 crore in 2010-11.

He said three new insurance products are on the anvil, including two in motor insurance and one in health sector, all of which would be launched before this fiscal end, pending clearance from Irda.

United India, with about 1,436 branches and 15 per cent of the market, is increasing its activities in rural pockets with focus on where lucrative potential could be tapped, he said.

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