Oriental Insurance eyes 17% growth in this fiscal

Monday 27, September, 2010 The Oriental Insurance Company Limited has targeted a premium income of Rs 5,470 crore for the financial year 2010-11 with a growth rate of 17% for the year. “Last financial year we had completed a premium of Rs 4700 crores and for 2010-11 we are targeting a premium of about Rs 5470 crores. In Orissa we are the market leaders and have a target of Rs 110 crores for 2010-11, the public sector company's Chairman and Managing Director (CMD) Mr R K Kaul told “The ET”. Mr Kaul was here on an official visit to the state. Making it clear that there is a vast scope for tapping the potentials in the Indian market, particularly in the rural and semi-urban areas, the insurance company is trying to spread out to the far flung areas through opening of more number of Micro Offices and recruitment of Direct Agents. “For Orissa we are going to have Micro Offices in the hitherto unrepresented areas of the State like Malkangiri, Rayagada etc. We are planning for 10 more offices in Orissa this financial year subject to IRDA approval”, Mr Paul added. On special packages for the farmers in the states where farmers are committing suicides, Mr Paul said, “Our Kissan Package Policy provides a wide range of insurance protections including cover for the farm produce, assets of the farmers, tractor, tiller, livestock etc. Under our Janata Personal Accident Insurance Scheme we provide cover for death or disablement of the farmer or his family members due to accident. There are also many other rural insurance schemes including the Universal Health Insurance Scheme for the farmers”.

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