Indias Leading BFSI Companies 2010

The Oriental Insurance Company

Limited
Oriental House, A-25/27, Asaf Ali Road, New Delhi 110002
Tel: 91-43659595/ 23279221; Fax: Email: Website: www.orientalinsurance.org.in

Message from the Chairperson & MD: Dr. RK Kaul

The Oriental Insurance Co Ltd has a rich tradition with more than 1000 offices
in India and overseas and has been fulfilling the insurance needs of the public. The
Company has been catering to the insurance needs of a cross section of the society by
offering them insurance covers in Fire, Motor, Marine, Engineering, Liability and other
Miscellaneous types of insurances. We have kept pace with the technical advancements
and were the first non-life insurance company in India to have introduced the Core
Insurance Solutions. With the introduction of this feature, the insuring of non-life
products has been revolutionized. The insured can renew insurance of his belongings
from any office of the company in India. In addition to this the insured has been given
the benefit of reporting of loss/damage to his property in any of the companys offices.
Yet another milestone achieved by Oriental is the launching of its own web portal
which enables the insuring public to purchase their insurance on some of our major
products on personal lines at the click of a button. We have set up claim centres all over
India which are being manned by professionals, exclusively to handle claims. This has
resulted in a sharp reduction in the turnaround time in the settlement of claims.

RK Kaul
Chairperson & MD
D&B D-U-N-S 91-574-1651
Product Offerings

Background

General Insurance, Health,

Motor Vehicle, Agriculture, etc
Key Information

FY09

FY10

Total Income (` bn)

40.9

47.5

Net Premium Earned

(` bn)

30.7

35.9

AUM (` bn)

61.5

67.3

Net Premium Earned

Growth (%)

6.63

17.09

Retention Ratio (%)

81.62

79.33

Incurred Claims Ratio

(%)

99.69

90.79

Outside India Premium/

Total Premium (%)

2.79

2.43

Solvency Ratio (%)

1.66

1.56

Management Details
RK Kaul
Chairman & Managing Director
SK Chanana
Devi Singh
KR Kamath
Lalit Kumar
Directors

The Oriental Insurance Co Ltd

(Oriental Insurance) was incorporated
in Mumbai in 1947 to carry out General
Insurance business. It was established
as a wholly owned subsidiary of the
Oriental Government Security Life
Assurance Co Ltd. The company
operated as a subsidiary of LIC of India
from 1956 till the nationalisation of the
general insurance business in 1973. In
2003 all shares of the company held
by the GIC of India were transferred to
the Central Government.
Business Profile
Oriental Insurance with its Head
Office at New Delhi has a pan-India
presence with 27 Regional Offices and
more than 1,000 Operating Offices
across the country. It also has overseas
operations in Nepal, Kuwait and Dubai.
It specializes in devising special covers
for large projects like power, steel and
chemical plants etc. It has developed
various types of insurance covers to
cater to the needs of both the urban
and rural population of India.
Products
Oriental Insurance offers a range
of insurance products which include:
Health Insurance
The companys health insurance

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portfolio encompasses the areas

of mediclaim, overseas mediclaim,
personal accident etc. These policies
include Gramin Accident Insurance that
provides compensation in the event of
death or permanent total disablement
or loss of limbs or sight in eyes;
group mediclaim policy that provides
hospitalisation cover and reimburses
the medical expenses incurred in
respect of covered disease/surgery
while the insured was admitted in the
hospital as an in patient. The cover also
extends to pre-hospitalsation and posthospitalisation for periods of 30 days
and 60 days respectively; Jan Arogya
Bima that provides for hospitalisation
and domiciliary hospitalisation for a
premium as low as ` 70 for a adult
male or female and ` 50 for each
dependent son/daughter not exceeding
25 years of age; overseas mediclaim
employment and study which provides
indemnity for expenses incurred for
medical treatment for illness, disease
contracted or injury sustained during
overseas travel and which is primarily
in the nature of an emergency and
which is necessary to be undertaken
immediately. Other policies include
Bhavishya Arogya, Nagrik Suraksha
Policy and Universal Health Insurance
Scheme etc. The company has also
launched a health insurance product viz.
Family Floater Health Insurance Policy
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Indias Leading BFSI Companies 2010

which covers the entire family under
one sum insured. Oriental Insurance
has also been actively participating in
the Rashtriya Swasthaya Bima Yojna
(RSBY) and has already provided health
insurance coverage to more than 40
lacs families below poverty line at
nominal premium rates.
Individuals/Family
Oriental Insurances Individuals/
Family products portfolio include
insurance schemes which focus on
the health insurance needs of the
population by marketing the entire
range of existing health insurance
products catering to the needs of all
income groups; burglary and house
breaking insurance policy which covers
contents of business premises against
the risk of loss/damage by burglary
& house breaking; house holders
insurance policy - a comprehensive
shelter that protects the house and the
various contents in it against a variety
of risks; Raj Rajeswari Mahila Kalyan
Bima Yojana - designed to cover all
cross sections of women in the age
group of 10-75 years irrespective of
their income or occupation. Other
products of the company include
Baggage Insurance and Bhagyashree
Child Welfare Policy, among others.
Professionals
Oriental Insurance offers a range
of policies catering to the needs of
professionals like doctors, accountants,
brokers etc. The company offers various
policies that indemnify the insured in
respect of errors and/or omissions on

the part of the accountants, lawyers,

consulting
engineers/
architects,
interior decorators, doctors and
medical practitioners as well as
medical establishments. The company
also offers sports insurance policy
which provides a comprehensive cover
to amateur sportsmen covering their
sporting equipment, personal effects,
legal liability and personal accident
risks. Other policies include Bankers
indemnity insurance policy, directors
and officers liability policy, package
policy for exporters covered under
duty exemption scheme, stock brokers
indemnity insurance policy etc.
Business/Office/Traders Insurance
Oriental Insurances traders/ office/
business insurance portfolio includes
electronic equipment insurance policy
which offers financial protection in
case electronic equipment suffers
accidental electrical and machinery
breakdown requiring repairs and /or
replacement; office umbrella policya comprehensive insurance policy
that seeks to provide protection to
Office against different kinds of risks
and perils. Other policies include
shopkeepers insurance policy, special
contingency policy, contract guarantee
policy, depository and depository
participants indemnity insurance,
multi peril policy for LPG dealers, policy
for jewelers block insurance, couriers
liability policy, comprehensive risk
insurance (exchange) policy, etc.
Engineering/Industry Insurance
The
policies
targeting

the

engineering and industry segments

are boiler explosion insurance,
contractors plant & machinery
insurance, erection all risks insurance
policy, civil engineering completed risks
insurance, industrial all risk insurance
policy, oil and energy risks insurance,
product liability policy, deterioration
of stocks insurance policy, standard
fire and special perils policy etc
Motor Vehicle Insurance
The motor vehicle insurance
policies cover private, commercial
and passenger vehicles. Some policies
of the company include private car
package policy, motor trade internal
risk policy, motor cycle policy etc.
Agriculture/Sericulture/Poultry
Insurance
The various policies offered by the
company under agriculture/sericulture/
poultry are apple insurance policy,
animal driven cart insurance, coconut
palm insurance policy, aquaculture
(shrimp/prawn)
insurance
policy,
floriculture insurance package policy,
honey bee insurance scheme, kissan
package insurance etc.
Other Policies
In addition to the above mentioned
policies, the company offers a host of
policies catering to fields like animals/
birds - policies like blood stock
insurance, dog insurance, etc; aviation
- policies like aircraft spares insurance
policy, loss of license insurance,
aircraft hull insurance policy etc; and
marine insurance policies like advance
loss of profit, marine hull policy, etc.

Dr RK Kaul addressing the audience in Dubai at an event marking the completion of 50 years in operations in the UAE

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