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Oriental Insurance Reviews

New Delhi

5.0/ 5

1 review

The Oriental Insurance Company Limited (OICL) is a leading public sector general insurance company in India, fully owned by the Government of India and administered under the Ministry of Finance. Established on September 12, 1947, in Mumbai, the company was initially founded as a wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd to cater to post-independence general insurance needs. Following the nationalization of the life insurance sector, it operated as a subsidiary of the Life Insurance Corporation of India (LIC) from 1956 until 1973. With the nationalization of general insurance businesses in 1973, ownership shifted to the General Insurance Corporation of India (GIC), and later, in 2003, all shares were transferred directly to the Central Government, establishing it as a Central Public Sector Undertaking. Headquartered in New Delhi, Oriental Insurance features an extensive domestic operational framework, managing between 29 to 30 regional offices and an expansive network of over 1,500 to 1,800 active branches across the country. This vast PAN-India infrastructure is supported by a large and dedicated workforce, comprising more than 8,000 to 13,500 professionals alongside an extensive network of thousands of agents and point-of-sale persons. This allows the company to effectively secure urban populations and reach remote rural areas where private sector participation is limited. Beyond its substantial domestic presence, OICL maintains an international footprint, operating foreign branches in Nepal, Kuwait, and Dubai, which contribute to its global gross premium collection. As a comprehensive non-life insurer, the company offers a diverse product portfolio across multiple segments. Its major retail offerings include motor insurance (covering private cars and two-wheelers against accidents, natural disasters, and third-party liabilities) and a robust suite of health insurance products, such as the Oriental Happy Family Floater and the Oriental Sampoorna Swasthya Suraksha plans, tied to a vast network of thousands of paneled hospitals. Additionally, OICL specializes in commercial, industrial, and niche insurance lines, providing covers for large-scale projects like power, chemical, and steel plants, as well as marine, travel, personal accident, property, engineering, aviation, and crop insurance. Financially, Oriental Insurance has scaled tremendously from its modest beginning in 1950, when its first-year premium stood at just INR 99,946. By the fiscal year 2022–23, the company reported a gross premium of INR 15,993 crore, which surged globally to cross INR 20,434 crore for the financial year 2024–25. The company reports high reliability with strong industry ratings and maintains a high claim settlement ratio, which stood at 91.64% for the FY 2024–25 period, underscoring its long-standing corporate motto of "service to clients.