The Oriental Insurance Company

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The Oriental Insurance Co. Ltd.
TypeGovernment owned
IndustryInsurance
Founded12 September 1947; 73 years ago (1947-09-12) in Mumbai, India
Headquarters,
India
Key people
SN Rajeshwari
(Chairman & MD)
ProductsGeneral insurance
Health insurance
RevenueDecrease−413.86 crore (US$−58 million) (2019) [1]
Decrease−428.99 crore (US$−60 million) (2019)[1]
Decrease−290.90 crore (US$−41 million) (2019)[1]
Total assetsDecrease11,581.63 crore (US$1.6 billion) (2019)[1]
OwnerGovernment of India (100%)
Number of employees
12,544 (March 2019) [1]
ParentMinistry of Finance , Government of India
Websitewww.orientalinsurance.org.in

The Oriental Insurance Company Ltd. is an Indian government owned general insurance company. The headquarter of the company is located in New Delhi. It has 31 regional offices and more than 1800 active branches across the country. The company also has branches in Nepal, Kuwait, and Dubai. The company had recorded a gross premium of Rs. ₹7,282.54 crores in the financial year 2013-2014. For the Financial year 2016-17, the Company procured a global premium of ₹11,100 crores.[2] The Company offers more than 170 General Insurance products. The IRDA Registration No. of the Company is "556".[3]

History[edit]

Oriental Insurance was incorporated on 12 September 1947 as a government-owned non-life insurance company.[4] 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.[5] In 1956, when insurance business was nationalized, Oriental insurance became part of Life Insurance Corporation 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.[citation needed] In 2003, the Union Government acquired all the shares of Oriental Insurance Company Ltd from General Insurance Corporation of India.[citation needed]

On the 2nd of February 2018, the Government of India announced the merger of the Oriental Insurance with National Insurance Company Limited and United India Insurance Company.[6]

References[edit]

  1. ^ a b c d e "Balance Sheet 31.03.2019".
  2. ^ https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_List.aspx?DF=MBFN&mid=3.2.8
  3. ^ https://orientalinsurance.org.in/
  4. ^ A K Saxena (13 September 2014). Oriental Insurance Company celebrates 67th Foundation Day. New Delhi: Zee News.
  5. ^ "Oriental Insurance Company Ltd". Business Maps of India. Retrieved 15 May 2015. CS1 maint: discouraged parameter (link)
  6. ^ http://www.moneycontrol.com/news/business/economy/budget-2018-merging-3-psu-general-insurers-is-prudent-says-national-insurance-cmd-2497271.html