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Kochi, Dec. 9 United India Insurance Co Ltd, the second largest non-life insurer in the country, has achieved business growth of 12.67 per cent as on November, against the insurance industry growth of 10 per cent, thereby becoming the fastest growing public sector non-life insurer.

Mr G. Srinivasan, Chairman-cum-Managing Director, United India Insurance Co Ltd, said that the company had clocked business of Rs 2,750 crore till November against the target of Rs 4,300 crore for the current financial year. “With this growth rate, we are confident of achieving the target. Battling competition, the company has managed the unique feat of increasing the market share, making it the only Government owned insurer to do so,” he said at a press conference here on Tuesday.

He pointed out that the company recorded premium of Rs 3,740 crore in 2007-08, the highest growth amongst public sector insurers. The company registered a net profit of Rs 631.62 crore. Among the four public sector insurance companies, United India’s market share was 23 per cent.The company, he said, has also taken steps to open 500 micro offices in various parts of the country by 2009-10 as part of its mission to reach insurance products to all segments of people.

The company is implementing Core Insurance Solution integrating all its offices into a central data base across all products and providing 24x7 service to its agents, brokers and customers. It is undergoing a major transformation project to bring in process re-engineering, creating business verticals, setting up exclusive centralised offices for faster and efficient settlement of claims and energising its agency.

Referring to Kerala operations, Mr Srinivasan said that the business in the State would cross Rs 300 crore in the current fiscal. The State has 22 micro offices, which will be increased to 50 by the end of this fiscal.

The company had insured 10 lakh small and marginal farmers in the State against personal accident cover under the scheme of the Agriculture Department. Besides, 1.5 lakh members of Kerala Dairy Workers Welfare Fund Board were brought under a special package insurance.

The company recently has been selected for insuring 2.5 lakh active fishermen and 50,000 allied workers under the Fishermen Welfare Fund Board.

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