United India Insurance Company

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United India Insurance Co. Ltd.
PSU
IndustryGeneral insurance, Financial services
Founded18 February 1938; 81 years ago (1938-02-18)
Headquarters,
Number of locations
2248
Area served
India
Key people
Girish Radhakrishnan (Chairman and Managing Director)
ProductsMotor Insurance, Health Insurance, Fire ,Marine, Rural ,Personal Accident Insurance
Decrease -300 crores
OwnerGovernment of India
Number of employees
17,361
Websiteuiic.co.in

United India Insurance Company is an Indian general insurance company,fully owned by Government of India and is headquartered in Chennai, India.[1] It was incorporated on 18 February 1938, and was nationalised in 1972.

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.

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.[2][3][4]

After nationalization, United India has 17,361 nos. work force spread across 2248 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 2017-18 is above Rs.17300 Cr.

On 2 February 2018, the Government of India announced the merger of United India Insurance Company with Oriental Insurance and National Insurance Company Limited.[5]

Organizational Structure[edit]

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
4834 1953 8158 2416 17361

References[edit]

  1. ^ India, Bank Exams. "United India Insurance to Start AO Recruitment Soon". Retrieved 31 May 2016.
  2. ^ Bengal, Government of West. "United India Insurance Company, Ltd". uiic.co.in. Retrieved 31 May 2016.
  3. ^ "Nationalization".
  4. ^ "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.
  5. ^ http://www.moneycontrol.com/news/business/economy/budget-2018-merging-3-psu-general-insurers-is-prudent-says-national-insurance-cmd-2497271.html