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Mr G. Srinivasan

Our Bureau

Kolkata, April 16 United India Insurance Company Ltd has bagged a mandate for covering industrial risk from Bharat Heavy Electricals Ltd (BHEL) at an annual premium of about Rs 90 crore, according to Mr G. Srinivasan, Chairman and Managing Director of the public sector general insurance company.

The comprehensive policy, named marine-cum-erection policy, covering all physical risk of BHEL’s projects starting from warehousing of equipment to its erection and commissioning, was earlier with the National Insurance Company.

United India Insurance has also renewed the insurance cover for two other Navratna public sector undertakings ONGC and IOC recently, he told reporters here on Thursday on the sidelines of a seminar organised by the Indian Chamber of Commerce.

“We have received a new mandate for covering industrial risk of a total sum assured of about Rs 80,000 crore for BHEL from April 1,” he said. The sum assured of ONGC’s cover for its offshore establishments, scheduled for renewal in May, is $750 million (Rs 3,750 crore). IOC’s industrial risk cover would fetch United India Rs 50-crore premium annually, he said.

United India Insurance registered a gross direct premium income (GDPI) of Rs 4,275 crore in 2008-09, growing at 14.5 per cent over last year. Its market share increased marginally from 13.3 per cent to 14 per cent during the period, Mr Srinivasan said.

Motor and health insurance contributed 40 per cent and 20 per cent of the total portfolio respectively in 2008-09. The company is expecting a growth of 12 per cent in GDPI in 2009-10, he added.

The IRDA appointed committee for reviewing the functioning of Third Party Administrators (TPA), headed by the former LIC Chairman, Mr S.B. Mathur, will submit its recommendations to the regulator within the next 15 days, Mr Srinivasan, one of the members of the committee, said. “The recommendations may address formation of a common representative body for TPAs, hospitals and insurance companies, fine-tuning of regulations, etc,” he said.

A consultant is also to be finalised soon in order to form a common TPA for the four public sector general insurance companies, he said adding that the insurers may have an equity share in the proposed entity.

More Stories on : General Insurance | Electrical Goods | Bharat Heavy Electricals Ltd

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