The Oriental Insurance Company Ltd. is a central public sector undertaking under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Eco ...

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

. The headquarters is present in

New Delhi New Delhi (, , ''Naī Dillī'') is the capital of India and a part of the National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament House ...

. It has 29 regional offices and more than 1500 active branches across the country. The psu also has branches in

Nepal Nepal (; ne, नेपाल ), formerly the Federal Democratic Republic of Nepal ( ne, सङ्घीय लोकतान्त्रिक गणतन्त्र नेपाल ), is a landlocked country in South Asia. It is mai ...

Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...

, and

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

. The psu had recorded a gross premium of in the financial year 2020–21. It offers more than 170

general insurance General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determine ...

products. The IRDA registration number of the company is "556".

History

The Oriental Insurance Company Ltd. was incorporated at

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

on 12 September 1947. The company was a wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd and was formed to carry out

business. The company was a subsidiary of the

Life Insurance Corporation of India Life Insurance Corporation of India (LIC) is an Indian Public Sector Undertakings in India, central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of Ministry of Finance (India), Ministry of Fi ...

from 1956 to 1973 (until the General Insurance Business was nationalized in the country). In 2003 all shares of the company held by the

General Insurance Corporation of India General Insurance Corporation of India Limited abbreviated as GIC Re is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It was incorporated on 22 November 1972 under Companies Act, 1956. GIC ...

were transferred to the central government. Oriental Insurance made a modest beginning with a first year premium of ₹99,946 in 1950. The goal of the company was “service to clients” and achievement thereof was helped by the strong traditions built up over time. Oriental Insurance's head office is at New Delhi. It has 29 regional offices and nearly 1500+ operating offices in various cities of the country. The company has overseas operations in

and

and has a total strength of around 10,000 employees. From less than a lakh at its inception, the gross premium figure stood at ₹12,747

crore A crore (; abbreviated cr) denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local 2,2,3 style of digit group separators (one lakh is e ...

s in FY 2020–21.

References

Financial services companies established in 1947 General insurance companies of India Government-owned insurance companies of India Companies nationalised by the Government of India Indian brands {{India-company-stub

History

See also

References