Oriental Insurance Company Limited

Oriental Insurance Company Ltd (OICL), a wholly-owned subsidiary of the Oriental Government Security Life Assurance Company Ltd., was incorporated in Bombay on 12th September 1947 to run a non-life insurance business in India. The Company aims to conduct its business in a smooth and orderly manner. OICL specializes in providing cover for mega projects such as power plants, chemical, steel, and petrochemical plants. OICL offers customized insurance covers to both the urban and rural population in the country. This general insurance company has a professionally qualified team to deliver the best insurance products and services to its customers. The Oriental Insurance Company made a slow start with the premium of just Rs.99,946 in its first year of operations in 1950.

Oriental Insurance Company has its head office at New Delhi with 31 regional offices and over 1800 operating offices throughout the country. OICL also has an overseas presence in Kuwait, Dubai, and Nepal. It has an employee strength of over 14000 and the company has achieved its premium collection of Rs. 7561.93 crores (in India) in FY’15 from less than a lakh at inception. Its Premium Income from overseas Rs.153.97 crores during FY’15. The Gross Direct Premium (India & abroad) registered a growth of 3.83%. The company has attained the before-tax profit of Rs 617.34 crores & after-tax profit of Rs. 392.10 crores in the FY’15. It has the Available Solvency Margin of 1.68, as of March 31, 2015. The Oriental Insurance Company has been graded with a B++ rating by AM Best. The Company has also received the highest rating from CRISIL and ICRA credit rating agencies. The latest Incurred Claims Ratio (ICR) of Oriental Insurance Company for FY 2018-19 is 106.10%.