Oriental Insurance Company Ltd is a specialized insurance company, with various types of insurance coverage to fulfill the needs of all types of people. They are known for their special covers related to large projects like power plants, petrochemical, steel and chemical plants.
History:
Oriental Insurance India started on 12 th September 1947, at Bombay, is a public sector company and is one of the four subsidiary companies of the General Insurance Corporation of India . In the year 1947 the Oriental Fire & General Insurance Co. became a subsidiary of Oriental Government Security Life Assurance Co. Ltd. and from 1956 to 1973 the Company remained as a subsidiary of Life Insurance Corporation of India , till general insurance business was nationalized with effect from 1st January 1973. However, after the passage of the Insurance Amendment Bill (2002), Oriental Insurance India was delinked from GIC and in 2003 the shares of the company so far held by GIC has been transferred to Central Government.
Today:
The head office of the Oriental Insurance India is in New Delhi, with 21 regional offices, 311 divisional offices and 635 branch offices in various cities of the country along with overseas operations in Nepal, Kuwait and Dubai. It is run by a board of distinguished personalities from various fields and a highly qualified and technically competent professional team for best customer service. Eminent personalities like Shri T.A.Pai, Shri K. R. Puri, and Shri B.D.Pande, all later in charge of important governmental posts, were among past Chairmen of the Oriental Insurance India .
The Gross Direct Premium Income of the company went up to Rs. 3610 crores and the Premium Income outside the country was Rs.82.66 crores during 2005-2006. The Net Premium Income (Domestic and Foreign) grew to Rs. 2500.46 crores in that year. The company's foreign operations have resulted in an overall surplus of Rs. 15.03 crores.
The Oriental Insurance India is quite technology savvy with their very own websites. Moreover by using the Integrated Non-Life Insurance Application Software the Oriental Insurance Company can ensure a better customer service. The leading credit rating agencies of India, CRISIL and
ICRA , gave the highest rating to Oriental Insurance India and the AM Best, an international rating agency, rated the company as B++.
Objectives:
- To keep the customer in focus and cater to their insurance needs.
- To be customer friendly and provide high quality service.
- To do profitable business and invest funds for optimum yield.
- To optimize the retentivity of Indian business and conduct reinsurance policies and international
- operations.
- To minimize the losses and built in Risk Management Technologies.
- To act as strong and active non-life insurer.
The main mission of the Oriental Insurance India remains to the most dynamic organization to cater to the insurance requirements of the community promptly and thereby make worthy contributions to the socio-economic objectives of the nation.
