The Oriental Insurance Company Ltd.

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The Oriental Insurance Company Ltd.
Public sector
Industry Financial services
Founded September 12, 1947 (1947-09-12) in Mumbai, India
Headquarters New Delhi, India
Owner Government of India
Website www.orientalinsurance.org.in

The Oriental Insurance Company Ltd. is a public sector non-life insurance company in India. The headquarters of the company is located in New Delhi with 30 regional offices and more than 1800 active branches across the country. The company also has branches in Nepal, Kuwait, and Dubai.[1] The company has recorded a gross premium of Rs. 7282.54 crores in the financial year 2013-2014.

History[edit]

Oriental Insurance was incorporated on 12 September 1947 as a government-owned non-life insurance company.[2] It was established as a completely owned subsidiary of Oriental Government Security Life Assurance Company Ltd. to execute its parent body's general insurance operations.[3] In 1956, when insurance business was nationalized, Oriental insurance became part of LIC till 1973. After 1973, Oriental Insurance became a subsidiary of General Insurance Corporation of India till 2003 when the company was de-linked from the parent company and set up as an independent insurance company.[4] In 2003, the Union Government acquired all the shares of Oriental Insurance Company Ltd from General Insurance Corporation of India.[1]

References[edit]

  1. ^ a b PolicyBazaar (24 June 2014). "Oriental Insurance Company Ltd - Oriental Insurance". policybazaar. Retrieved 15 May 2015. 
  2. ^ A K Saxena (13 September 2014). Oriental Insurance Company celebrates 67th Foundation Day. New Delhi: Zee News. 
  3. ^ "Oriental Insurance Company Ltd". Business Maps of India. Retrieved 15 May 2015. 
  4. ^ Dahiya, Yashish. "The Oriental Insurance Company Profile". policybazaar. Retrieved 15 May 2015.