Public sector non-life major, United India Insurance Company Ltd will launch a slew of new products in the de-tariffed era. The insurance major is awaiting formal approval from the Insurance Regulatory and Development Authority (Irda). ?We will launch products in major areas like motor, fire, engineering and health,??said G Srinivasan, chairman and managing director,of United India. ?We expect advancement of the regime by January 2008 as against April 2008,? said Srinivasan. Speaking to FE on the sidelines of a meeting to announce tie up with Hewlett-Packard for core solutions, Srinivasan said: ?Though there is going to be major competition post-detariff regime, we believe that there won?t be any impact on us. Rather it would help us to grow based on our products, risk mitigation solutions and service offerings,? he added. The company has already got approvals for a few products. ?Our main focus is to become an aggressive player in the areas such as retail and rural areas. Currently, these areas contribute only 10% to the revenues and the same will be increased to 15% in the next fiscal through a better penetration strategy,? he said further. He said the premium in property and real estate come down sharply, However, motor insurance continue to witness higher trend. ?We believe that motor insurance will contribute 50% of our business,? he added. The company is expected to clock $1 billion (over Rs 4,000 crore) business in the current fiscal and will grow 20% to 25% in the next fiscal.