Journals : SERBD-IJMS

Category : Science in Business Administration
Type : Research Article
Title : ROLE OF ORIENTAL INSURANCE COMPANY LTD. IN THE DEVELOPMENT PROCESS OF GENERAL INSURANCE SECTOR IN INDIA
Submitted By : Rajman Sharma
Corresponding Author : Rajman Sharma
Members :
Member 1 : Rajman Sharma
Member 2 : Hanuman Prasad Malonia
ABSTRACT :
The Oriental Insurance Company was incorporated on 12 September 1947, the year India gained independence, as a government owned non-life insurance company. The headquarters of company is situated in New Delhi. It has presently a network of 30 regional offices and more than 1800 active branches in various city of all over India. The company also has a branch in Nepal, Kuwait and Dubai. The Oriental Insurance Company made a modest beginning with a first year premium of Rs. 99,946 in 1950. Keeping in tune with the Indian economic scenario in the year 2015-16, the financial results of 2015-16 reflect that the company has registered a positive growth rate of 13.88% on gross basis and underwritten global premium of Rs. 8611.59 crores as against Rs. 7561.93 crores in the year 2014-15. The company has net premium was Rs. 7543.73 crores in the year 2015-16 in comparison to Rs. 6472.39 crores in the year 2014-15, registering a growth of 16.54%. Now with 69 years of success behind in “The Oriental Insurance Company Ltd.” Confidently looks forwarded to the challenges of future. At present the company is marketing more than 170 general insurance products. It has wide range of insurance to suit everyone as overseas mediclaim insurance, public and product liability insurance, electronic equipment insurance, personal accident, social security and hut insurance, consequential loss (fire, marine) insurance etc.Today, the oriental insurance company has been enjoying the highest rating from leading Indian credit rating agencies CRISIL and ICRA. The company has also been rated as B++ (very good) by AM Best, and international rating agency.
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