Friday, May 2, 2014

United India Insurance aims Rs 11,000 cr premium in FY 2014-15

State-run general insurer United India Insurance (UII) Company Limited has set a target of Rs 11,000 crore premium collections during the current financial year 2014-15.

As per the company's annual report, the insurer had collected Rs 9,709 crore in the previous fiscal ended on March 31, 2014, which was up Rs 443 crore from fiscal year 2012-13.

“We will keep the momentum with the industry growth. We are targeting a gross premium of around Rs 11,000 crore, and the company grew despite macroeconomic conditions", said United India Insurance Chairman & MD Mr. Milind Kharat.

United India had reduced the claims ratio to 82.56 % for the fiscal year 2013-14 as against 84.61 % in FY 2012-13, owing to the underwriting practices and control measures. Insured losses due to the Uttarakhand floods were at an estimated Rs 1,500 crore.

“Of the reported 157 claims with an estimated loss of Rs 824 crore in Uttarakhand flood, 135 claims have been fully paid," the company said.

United India Insurance has recently launched a new health and motor insurance policy. It is also planning to launch a redesigned family medicare policy soon and is working on new health products like low-cost health insurance.

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