United India Insurance to increase its presence in Middle East, SAARC countries
By Neelima Shankar
Dec 12, 2012
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The public sector insurance company, United India Insurance Company Ltd., has announced that it will increase its overseas presence and enter Middle East and SAARC nations. The company has taken this decision seeing opportunity in the vast number of Indian population in these countries.

Making the announcement, the Chairman and Managing Director of UII, Mr. Milind Kharat said, "UII is eyeing operations in Middle East and SAARC nations. Though this is in preliminary stage, a detailed survey has revealed rich potential due to a large Indian diaspora and business activities of Indian and foreign companies."

He further explained that the mode of entering the new markets could be via a joint venture or by opening a branch or by setting up an agency. He expects this decision to be taken in a few months time. He also said that at least one unit will be established before the end of the current financial year provided the due clearances are received.

Reportedly, UII has achieved a 20 percent business growth this year inspite of the downturn in the economy and a decrease in sales of motor vehicles.

The CMD of the general insurer also said that the company will be launching three new insurance schemes, which includes two products in motor insurance policies and one health insurance product.

At present, UII has a branch network of 1436 branches across the country.

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