United India Insurance Company (wholly owned by the Government of India) is the 2nd Largest general insurance company with Premium of Rs.16000+ Crore in India. 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.
12 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.
After Nationalization United India has 16385 work force spread across 2248 offices providing insurance cover to more than 10 million policy holders. The Company has 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 cases of ONGC Ltd, GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd, Tirumala-Tirupati Devasthanam, Kochi Metro Rail Corporation etc. UI have been also the pioneer in taking Insurance to rural masses with large level 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.
The Gross Domestic Premium for the Financial Year 2016-17 is above Rs. 16000 Cr.
Video United India Insurance Company
Organizational Structure
Maps United India Insurance Company
References
Source of the article : Wikipedia
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