The penetration of insurance cover in the country remains at a low 0.78 per cent due to lack of awareness, said Milind Kharat, Chairman and Managing Director of United India Insurance Company Ltd.
Inaugurating a new Regional Office at Balaji Nagar on 45Ft Road in the city on Wednesday, Mr. Kharat said that the General Insurance industry was very vibrant and had completed Rs. 77,000 crore of premium last year.
More foreign players are expected to enter the market with the government permitting Foreign Direct Investment (FDI) in the insurance sector.
Despite this, penetration of insurance cover in the country remains abysmally low due to lack of awareness, he said.
Mr. Kharat said United India Insurance had the highest rating by domestic and international rating agencies in the country.
The company has recorded a payment of Rs. 10,650 crore this year.
The company had a net worth of Rs. 5,700 crore with the highest solvency margins.
He said the company was a pioneer in Micro offices and had opened 1,244 micro offices all over the country.
The company aims at rural penetration with the micro offices and had generated Rs. 780 crore this year.
Mr. Kharat said United India Insurance had tied up with Tamil Nadu and Odisha governments to extend insurance cover through Common Service Centres.
Over 5 crore people are covered by the company under the Comprehensive Health Insurance Scheme of the Tamil Nadu government.
Curated from: Insurance penetration low, says United India CMD