The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government.
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.
Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950. The goal of the Company was “Service to clients” and achievement thereof was helped by the strong traditions built up overtime.
ORIENTAL with its head Office at New Delhi has 30 Regional Offices and nearly 1800+ operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. 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 2013-14 the figure stood at a mammoth Rs. 7282.54 crores.
Oriental Insurance is a professionally managed independent Board-run Company. Illustrious personalities like Shri T.A.Pai ( who later became Cabinet Minister in the Union Government ), Shri K. R. Puri, who rose to be the Governor of RBI and Shri B.D.Pande (who later became the Governor of West Bengal) were among our past Chairmen.
At present Dr.A.K.Saxena is Chairman-Cum-Managing Director of our Company. The Board of Directors of our Company include eminent personalities in various fields.