The Oriental Insurance Company

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

The Oriental Insurance Co. Ltd.
TypeCentral Public Sector Undertaking
IndustryInsurance
Founded12 September 1947; 75 years ago (1947-09-12) in Mumbai, India
Headquarters,
India
Key people
Sh. Anjan Dey
(Chairman & MD)
ProductsGeneral insurance
Health insurance
OwnerMinistry of Finance, Government of India.
Number of employees
10488 (March 2021) [1]
Websitewww.orientalinsurance.org.in

The Oriental Insurance Company Ltd. is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. The headquarters of the psu is located in New Delhi. It has 29 regional offices and more than 1500 active branches across the country. The psu also has branches in Nepal, Kuwait, and Dubai. The psu had recorded a gross premium of Rs. ₹12,747.42 crores[1] in the financial year 2020–21. The psu offers more than 170 general insurance products. The IRDA registration number of the company is "556".[2]

History[edit]

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 the Life Insurance Corporation of India from 1956 to 1973 (until 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]

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]

Oriental Insurance's head office is at New Delhi. It 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[edit]

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