United India Insurance to test overseas market this fiscal: CMD

India’s public sector non-life insurer United India Insurance is planning to launch its overseas operations in the coming financial year by making a foray into the fast growing Middle-East markets.

 “We are looking at the Middle East market to start with. It is a growing market and its large financial sector needs to be tapped,” company’s Chairman and Managing Director G Srinivasan told Deccan Herald over phone from Chennai.

 Middle East is one of the world’s fastest growing markets in the banking and capital markets sector. It is also an important region for the company for its vast non-resident Indian population which can be the main driver for this growth.

According to Srinivasan, the NRI population will now be able to closely understand the benefits of its wide ranging products catering to their protection, saving, investment, housing and other needs.

Srinivasan said the company’s next target will be Africa and East Asian countries of Indonesia and Vietnam which have vast potential.

Srinivasan said that the company is also ready to be listed on Indian bourses and waiting to hear from the government.

“The government has to take a call. We are fully prepared to be list our shares on Indian bourses. Let us see when it happens,” he said.