OICL AO - SPLessons

OICL AO Introduction

Chapter 1

SPLessons 5 Steps, 3 Clicks
5 Steps - 3 Clicks

OICL AO Introduction

OICL Introduction

shape Description

The Oriental Insurance Company Ltd. is a public sector general insurance company of India. The headquarters of the company are located in New Delhi. It has 30 regional offices and more than 1800 active branches across the country. The company also has branches in Nepal, Kuwait, and Dubai. The IRDA Registration No. of the Company is “556”.

shape Turn-over

Oriental Insurance Company Ltd with its head Office at New Delhi has 31 Regional Offices and nearly 1800+ operating Offices in various cities of the country.

The company had recorded a gross premium of Rs. 7282.54 crores in the financial year 2013-2014.

The Company has a total strength of around 14,000+ employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2015-16 the figure stood at a mammoth Rs. 8611 crores.

For the Financial year 2016-17, the Company procured a global premium of Rs. 11,100 crores. The Company offers more than 170 General Insurance products.

shape Services

The Company is a pioneer in laying down systems for smooth and orderly conduct of the business. The strength of the company lies in its highly trained and motivated work force that covers various disciplines and has vast expertise. Oriental specializes in devising special covers for large projects like power plants, petrochemical, steel and chemical plants. The company has developed various types of insurance covers to cater to the needs of both the urban and rural population of India. The Company has a technically qualified and competent team of professionals to render the best customer service.

shape History

Oriental Insurance was incorporated on 12 September 1947 as a government-owned non-life insurance company. 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. 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. In 2003, the Union Government acquired all the shares of Oriental Insurance Company Ltd from General Insurance Corporation of India.