Tuesday, December 11, 2012

Milind Kharat appointed United India Insurance CMD

Mr. Milind Kharat:
Mr. Milind Anna Kharat has been the Chairman and Managing Director of United India Insurance Co. Ltd. since October 2012 and served as its General Manager. Mr. Kharat has rich experience of more than three decades in the General Insurance Industry. He was the Chief Metropolitan Magistrate appointed by Government of Maharashtra. He made significant contributions for revision of Fiji's Insurance Act, 1998. He serves as a Director of United India Insurance Co. Ltd. He served as an Executive Member on the National Road Safety Council of Fiji representing the insurance industry. He served as a Non Executive Director of VST Industries Limited since July 16, 2009 until October 1, 2012. He is an Executive Member of Foreign Non Life Insurance Association of Japan. Mr. Kharat is a Post Graduate in Economics, a Bachelor of Law and a Fellow of Insurance Institute of India (FIII).

Milind Kharat appointed United India Insurance CMD

PTI Oct 21, 2012, 04.03PM IST
CHENNAI: Public sector United India Insurance today announced the appointment of Milind Kharat as its new Chairman and Managing Director.
Prior to this, Kharat was the CMD in the Agriculture Insurance Company of India Ltd at Delhi. He replaces G Srinivasan, a company statement said.

Milind Kharat has assumed charge as the Chairman-cum-Managing Director of United India Insurance Co. Ltd. on October, 18, 2012.
Kharat is a Post Graduate in Economics from University of Bombay and an LLB. He is also a fellow of the Insurance Institute of India.
Kharat began his career as a Direct Recruit Officer of 1979 batch of General Insurance Corporation of India and has subsequently held different positions at various levels with diverse profiles including Divisional Manager, Sr. Divisional Manager, Regional In-charge etc. in New India Assurance Company.Ltd


United India Insurance plans to enter Middle East, SAARC

TIRUCHIRAPALLI/TAMIL NADU: United India Insurance Company plans to enter the Middle East and SAARC countries to tap the potential in these regions due to a presence of a large India diaspora, a top company executive has 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," the state-owned company's CMDMilind Kharat told PTI.

The operations could be through a joint venture or a branch or an agency model and is expected to be commissioned in a few months, Kharat, who was here to address a customers' meet, said.

He was confident that at least one center would begin operations before March 2013, subject to clearances.

On the business quantum, he said UII has been maintaining 20 per cent growth this year despite the economic slowdown and a substantial drop in sales of motor vehicles in the country.

The company is targeting to surpass premium collections of Rs 10,000 crore this fiscal, he said.

In the first half of the year (half year ended Sept 30 2012), premium collected touched Rs 4,757 crore. Last year, UII clocked Rs 8,179 crore as against Rs 6,376 crore in 2010-11.

He said three new insurance products are on the anvil, including two in motor insurance and one in health sector, all of which would be launched before this fiscal end, pending clearance from IRDA.

UII, with about 1,436 branches and 15 per cent of the market, is increasing its activities in rural pockets with focus on where lucrative potential could be tapped, he said.

The number of micro offices (single person managed) will be doubled from 350 at the beginning of this year to 700 by end of this fiscal, he said.

Kharat said total headcount stood at 17,000. In 2011, UII recruited 400 officers in different disciplines and plans to recruit 600 personnel in clerical cadre by March 2013,he said.

He said the online insurance policy scheme launched 18 months ago has been gaining momentum and claimed over 17000 policies had been issued through this online route.

Kharat also said UII maintains the highest profit earnings among PSU insurance companies in the country.

Business accrued was 12 per cent from Marine business, 47 from Motor Insurance, 30 from Health and the balance from Fire and others, he said

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