United India Insurance eyeing Rs 400 cr premium income in UP

Wednesday 21, January, 2015 Public sector general insurance company United India Insurance is targetting over 17% growth in premium income in Uttar Pradesh during 2014-15 financial year. The company is eyeing total premium income of Rs 400 crore in this fiscal compared to Rs 340 crore last year. Talking to media here, company's CMD Milind Kharat said pan-India United India Insurance was aiming at premium income of Rs 11,000 crore, up from about Rs 9,700 crore last fiscal. "Against the domestic general insurance industry growth of 8%, we are growing at 11%," he claimed. He further informed about the recruitment plan of 1,000 personnel to man the different offices in India. There are 28 general insurance companies operating in India, of which 4 are public sector enterprises, who collectively account for 56% of the total business. He observed the insurance sector would witness greater competition in the market with the lifting of foreign equity ceiling from 26% to 49%. "More competition would mean even better customer service and products."

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