United India Insurance Company

United India Insurance Company is a leading Indian government owned general insurance company. It is under the ownership of Ministry of Finance , Government of India is headquartered in Chennai, India.[2] It was incorporated on 18 February 1938, and nationalised in 1972.

United India Insurance Co. Ltd.
TypeGovernment owned
IndustryFinancial services
Founded18 February 1938; 83 years ago (1938-02-18)
Headquarters,
Area served
India
Key people
Girish Radhakrishnan
(Chairman & MD)
Products
RevenueIncrease16,678 crore (US$2.3 billion) (2019)[1]
Decrease−2,137 crore (US$−300 million) (2019)[1]
Decrease−1,877 crore (US$−260 million) (2019)[1]
Total assetsIncrease37,705 crore (US$5.3 billion) (2019)[1]
OwnerGovernment of India (100%)
Number of employees
14,322 (2019)
ParentMinistry of Finance , Government of India
Websiteuiic.co.in

Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy, with effect from March 21, 2003.[3]

Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company.[4][5][6]

After nationalization, United India has 14,322 number of workforce spread across 2,248 offices providing insurance cover to more than 10 million policy holders. The Company has a variety of insurance products to provide insurance cover from bullock carts to satellites.[citation needed]

United India has been in the forefront of designing and implementing complex covers to large customers, as in the cases of ONGC Ltd, GMR - Hyderabad International Airport Ltd., Mumbai International Airport Ltd., Tirumala-Tirupati Devasthanam, Kochi Metro Rail Corporation etc. United India has also been the pioneer in taking Insurance to the rural masses with large scale implementation of Universal Health Insurance Programme of Government of India & Vijaya Raji Janani Kalyan Yojana (covering 4.5 million women in the state of Madhya Pradesh), Tsunami Jan Bima Yojana (in 4 states covering 459,000 of families), National Livestock Insurance and many such schemes.[citation needed]

The Gross Domestic Premium for the Financial Year 2019–20 is Rs. 17500 Crore plus.

On 2 February 2018, the Government of India announced merger of United India Insurance Company with Oriental Insurance and National Insurance Company Limited.[7]

Organizational StructureEdit

Type of Office Nos.
Head Office 1
Corporate Learning Centre 1
Regional Offices 30
Large Corporate & Brokers Unit (LCB) 8
Divisional Offices 432
Branch Offices 677
Micro Offices 1034
Service Hubs 67
Total 2248
Employee Strength (approx.)
CLASS I CLASS II CLASS III CLASS IV TOTAL
7153 480 5751 938 14322

ReferencesEdit

  1. ^ a b c d "United India Insurance Company Annual Report 2019" (PDF). moneycontrol.com. Retrieved 14 July 2020.
  2. ^ India, Bank Exams. "United India Insurance to Start AO Recruitment Soon". Retrieved 31 May 2016.
  3. ^ The General Insurance Business (Nationalisation) Amendment Act, 2002[1][2]
  4. ^ Bengal, Government of West. "United India Insurance Company, Ltd". uiic.co.in. Retrieved 31 May 2016.
  5. ^ "Nationalization".
  6. ^ "Government Insurance Companies in India – Nationalization and After (United India, National Insurance, LIC, GIC, Oriental Insurance, New India Assurance) | Green World Investor". www.greenworldinvestor.com. Retrieved 31 May 2016.
  7. ^ "Budget 2018: Merging 3 PSU General Insurers Is Prudent, Says National Insurance CMD". Moneycontrol.

External linksEdit