United India Insurance Company

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

United India Insurance Co. Ltd.
TypeNationalised Insurance Company
IndustryInsurance
Founded18 February 1938 (1938-02-18)
Headquarters
Chennai, Tamil Nadu
,
India
Area served
India
Key people
Satyajit Tripathy
(Chairman & MD)
Products
Revenue₹16,678 crore (US$2.2 billion) (2019)[1]
₹−2,137 crore (US$−280 million) (2019)[1]
₹−1,877 crore (US$−250 million) (2019)[1]
Total assets₹37,705 crore (US$4.9 billion) (2019)[1]
OwnerGovernment of India (100%)
Number of employees
11777 ( December-2021)
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 obtained 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.

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 4,59,000 of families), National Livestock Insurance and many such schemes.

The Gross Domestic Premium for the Financial Year 2019–20 is more than ₹17,500 Crores.

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 structure
Type of OfficeNos.
Head Office1
Corporate Learning Centre1
Regional Offices30
Large Corporate & Brokers Unit (LCB)6
Divisional Offices421
Branch Offices661
Micro Offices796
Service Hubs77
Total1993
Employee Strength (approx.)
CLASS ICLASS IICLASS IIICLASS IVTOTAL
6444254444184811987

References
  1. "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
  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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.