The Oriental Insurance Company

The Oriental Insurance Company Ltd. is an Indian nationalised general insurance company. It is under the ownership of Ministry of Finance, Government of India. The headquarter of the company is located in New Delhi. It has 29 regional offices and more than 1500 active branches across the country. The company also has branches in Nepal, Kuwait, and Dubai. The company had recorded a gross premium of Rs. ₹12,747.42 crores[1] in the financial year 2020–21. The Company offers more than 170 General Insurance products. The IRDA Registration No. of the Company is "556".[2]

The Oriental Insurance Co. Ltd.
TypeNationalised Insurance Company
IndustryInsurance
Founded12 September 1947 (1947-09-12) in Mumbai, India
Headquarters
New Delhi
,
India
Key people
Sh. Anjan Dey
(Chairman & MD)
ProductsGeneral insurance
Health insurance
OwnerGovernment of India (100%)
Number of employees
10488 (March 2021) [1]
ParentMinistry of Finance , Government of India
Websitewww.orientalinsurance.org.in

History

The Oriental Insurance Company Ltd. was incorporated at Mumbai on 12 September 1947. The Company was a wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 (till the General Insurance Business was nationalized in the country). In 2003 all shares of the Company held by the General Insurance Corporation of India were transferred to the Central Government.[3]

The Oriental Insurance made a modest beginning with a first year premium of ₹99,946 in 1950. The goal of the Company was “Service to clients” and achievement thereof was helped by the strong traditions built up overtime.[4]

The Oriental Insurance with its Head Office at New Delhi has 29 Regional Offices and nearly 1500+ operating offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait[5] and Dubai and has a total strength of around 10,000 employees. From less than a lakh at its inception, the gross premium figure stood at ₹12,747 crores in FY 2020-21.

References
  1. "Balance Sheet 2020-2021".
  2. https://orientalinsurance.org.in/
  3. "Public Sector Insurance Companies/DoFS".
  4. "OICL About Us".
  5. "OICL Kuwait".


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