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The Oriental Insurance Company Ltd. is a public sector general insurance company of India. The
headquarter of the company is located in New Delhi. It has 31 regional offices and more than 1800
active branches across the country. The company also has branches in Nepal, Kuwait, and Dubai.
The company had recorded a gross premium of Rs. 7282.54 crores in the financial year 2013-2014.
For the Financial year 2016-17, the Company procured a global premium of Rs. 11,100 crores.[1]
The Company offers more than 170 General Insurance products. The IRDA Registration No. of the
Company is "556".[2]
Solvency Margin:
31.3.2018.
Dividend
Reserves
The net worth was Rs. 3156.69 crores for the period
year.
Profile
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.
made a modest beginning with a first year premium of Rs.99,946 in 1950. The
Oriental Insurance
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 31 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 2015-16 the
figure stood at a mammoth Rs. 8611 crores.
To Ensure that we
5. Run the business profitably through prudent underwriting and efficient & proper
claim management
Management
Financials
FINANCIAL PERFORMANCE
The financial results of 2016-17 reflect that the Company has registered a positive growth rate of 29.09 % on gross basis
and underwritten global premium of Rs.11117.02 crores as against Rs. 8611.89 crores in the year 2015-16. Our growth
rate for the FY 2016-17 was the highest amongst the PSU Non-Life Insurance Companies. Our net premium was Rs.
9222.39 crores in the year 2016-17 in comparison to Rs. 7543.74 crores in the year 2015-16, registering a growth of 22.25
%.
The operating deficit, after taking into account the policyholder’s income, amounted to Rs 2400.13 crores as compared to
a deficit of Rs. 511.88 crores in 2015-16 mainly on account of increase in the IBNR provisions.
¬This year we recorded a loss before tax of Rs. 1987.42 crores as compared to a profit before tax of Rs. 189.91 crores in
the last year. We ended up with a loss after tax of Rs. 1691.09 crores as compared to profit after tax of Rs. 300.49 crores in
the year 2015-16.
The management expenses during the year amounted to Rs. 2821.24 crores as compared to Rs. 2580.09 crores in the year
2015-16.
Profits on sale of investments were Rs. 1155.84 crores in the year 2016-17 as compared to Rs. 640.57 crores in 2015-16
whereas income from Interest, Dividend & Rent was recorded as Rs. 1177.73 crores during the current year in comparison
to previous year’s figure of Rs 1165.35 crores.
Our foreign operations of Nepal, Dubai and Kuwait registered a gross premium of Rs. 313.69 crores this year as against
Rs. 296.85 crores in previous financial year. The net result by the three foreign offices was a deficit of Rs. 42.08 crores in
2016-17 as compared to deficit of Rs. 125.40 crores in 2015-16.
The Solvency margin as on 31.3.2017 stood at 1.11. World renowned rating agency, A M BEST has maintained our rating
at “B++” (very good). We also consistently continue to be given the highest rating by CRISIL and ICRA.
Gross Direct
Premium: In
96636 98403 37105 42033 946592 691038 1080333 831474
India
Outside India
7653 6351 2292 2221 21424 21113 31369 29685
Gross Direct
Premium Total 104288 104754 39397 44254 968017 712151 1111702 861159
Net Premium
59638 62440 23784 25581 838817 666352 922239 754373
Ratio of Net to
57.18 % 59.61% 60.37% 57.80 % 86.65% 93.57% 82.96% 87.60%
Gross
Profit on Sale 8025 4607 3354 1759 81733 42837 93112 49203
of Investments
(Policy
Holders’) (13.46%) (7.38%) (14.10%) (6.87%) (9.74%) (6.43%) (10.09%) (6.52%)
Int./Div./ Rent
8231 8539 3441 3261 83836 79407 95508 91207
(Policy
Holders’)
(13.80%) (13.67%) (14.47%) (12.74%) (9.99%) (11.91%) (10.36%) (12.09%)
Commission
and other -6883 -5207 -2511 -2302 -40497 -38961 -49891 -46470
income (Net
Income(+)/ (-11.54%) (-8.33%) (-10.56%) (-9.00%) (-4.82%) (-5.85%) (-5.41%) (-6.16%)
Net Outgo (-))
Increase (-)/ 1401 -5881 919 3437 -86232 -49540 -83912 -51984
Decrease (+) in
unexpired risks
reserve (2.35%) (-9.41%) (3.86%) (13.44%) (-10.28%) (-7.43%) (-9.09%) (-6.89%)
-55543
-863270 939809
-43533 -20996 -21685 -522741 -587959
Net Incurred
(-93.13%)
claims (- (-
(-69.73%) (-88.28%) (-84.77%) (-78.45%) (-77.94%)
102.92%) 101.90%)
-25945
-34474 -4168 -9964 -245442 -213570 -275555 -258008
Expenses of
(-43.50%)
Management
(-55.21%) (-17.52%) (-38.95%) (-29.26%) (-32.05%) (-29.88%) (-34.20%)
-105
-88 -44 -33 -1067 -818 -1216 -939
Amortization
(-0.18%)
expenses
(-0.14%) (-0.18%) (-0.13%) (-0.12%) (-0.12%) (-0.15%) (-0.12%)
-37
-70 -16 -27 -375 -651 -428 -748
Investment
(-0.06%)
Written off
(-0.11%) (-0.06%) (-0.10%) (-0.04%) (-0.09%) (-0.04%) (-0.10%)
-439 -439
Premium
0 0 0 0 0 0
Deficiency
(-1.85%) (-0.04%)
-11185
-13654 3338 32 -232166 -37566 -240013 -51188
Net Operating
Profit /(Loss)
(-18.75%) (-
21.86%) (14.03%) (0.12%) (-27.67%) (-5.63%) (-26.02%) (-6.78%)
CSR Expenditure
-407 0
Profit (+) / Loss (-) before Tax
-198742 18991
Citizen's Charter
Our Vision:
To be the most respected & preferred non life insurer in the markets we operate.
Our Mission:
To contribute to the socio economic objectives of the nation by being a vibrant and viable organization catering
to the growing insurance needs of the community
Towards this end we will strive for effective management of business operations.
Our Values:
Our Commitment:
We Shall
Act courteously, fairly and reasonably in all our dealings with the customers
Make sure all our Policy documents and claim procedures are clear and complete information is given about
our products and services.
Deal quickly and sympathetically with the grievances of the customers and resolve efficiently through
nominated ‘ Customer Service Officers’ in all Operating Offices.
Respond to all commercially viable general insurance needs of the citizens to provide new covers.
Continue to provide customized insurance products for the rural and particularly for the weaker sections of the
society at affordable price.
Continue to develop a dedicated, sensitized, empowered and professional workforce for efficient execution of
roles assigned to them.
We Shall
Host on our website www.orientalinsurance.org.in all relevant information relating to working hours, contact
numbers after office hours, documents required for issuance of policies and claims settlement (hyperlink to be
provided).
Make available information on products and services through display in office, information kiosks.
Reach out through electronic & print media, intermediaries and other active communication channels available
Enhance the access of citizens through helpline, call centre, portal and personalized interactions.
Earmark the time between 03.00 p.m. and 05.00 p.m. of every Wednesday (next working day, in case
Wednesday happens to be holiday) for personal interaction of customers with Officer-in-charge of the Branch /
Division / Regional Office for resolving of grievance.
We Shall
Strive to achieve and excel the timelines / benchmarks set forth in the charter and those prescribed by the
regulator in respect of policyholder’s servicing.
Be clear and transparent in seeking fulfillment of requirements for settling a claim or any other services to the
customer.
We Shall
Enable the customers with opportunities to provide the organization with feedback on services availed and
suggest improvements through customer meets, surveys, web and interactive Voice Response System (IVRS).
Citizens are invited to provide suggestion for betterment of service through the dedicated e-mail facility at
suggestions@orientalinsurance.co.in.
Enhance Customer satisfaction through adoption of latest technologies in the area of servicing, simplifications
of processes, review of systems and methods.
Review the standards of services offered, annually with a view to improve the benchmarks.
Motor, Individual Health, Personal Accident and other personal lines of insurance – within 3 days of submission
Fire, Marine, Engineering and other commercial lines of insurance – within 7 days of submission
Issuance of policies within 7 days of acceptance of premium
Issuance of Renewal Notice 15 days before expiry of policy.
Effecting changes in the policy will be completed within 10 days.
Appoint Surveyor / Investigator within 48 hours of intimation of claim. On holidays / weekends / and after
office hours, to enable the customers to access the web-site at www.orientalinsurance.org.in or Toll Free
helpline no. 1800 11 8485 of the Company for any guidance and assistance in the appointment of surveyor.
Decide claims on Personal Lines and Retail Insurances within 15 days and on Commercial Line Insurances within
30 days of receipt of required documents / clarifications.
Provide claim status to the customers within 3 days of request to the company.
Make payment of claim within 3 days of receipt of discharge voucher..
Inform the customer within 30 days of receipt of required documents if the claim is not admissible.
Register grievance on the same day / monitor the grievances registered on Integrated Grievance Management
System (IGMS), provide acknowledgement within 3 days and resolve the grievance within 14 days of receipt.
Continue to develop a dedicated, sensitized, empowered and professional workforce for efficient execution of
roles assigned to them.
CSR
This Charter is a summary of what Oriental Insurance Company proposes to offer to the citizens. The charter does not in
any way become a part of the policy conditions or policy contract of the customers of OIC or the conditions of service of
the workforce of the company. (Impact of this Charter on Customer Service shall be evaluated periodically and wherever
found necessary, introduction of requisite penalty provisions in cases of non-compliance of timelines shall be examined
for the sake of adding to efficacy of the Charter.)
CUSTOMER SERVICE
Owing to the technical features of the Internet, only hard copies, which are formally released by The Oriental Insurance
Company Limited can provide official and reliable information. OICL does not endorse or accept any liability for the
contents of linked Web Sites. The information and opinions contained in OICL's Web site are for informational purposes
only and subject to change without notice.
Copyright for the content of all pages on this site: The Oriental Insurance Company Limited, New Delhi, India.
Refund/ Cancellation
Rules and regulations applicable to normal insurance policy cancellation/ in India will be
applicable mutatis mutandis for the policies issued through the portal. Customers/ other
users need to write to respective OICL office for the cancellation of the policies issued
through portal. The refund amount will be credited to the respective credit card account
electronically. Refund of premium shall be made after deduction of applicable cancellation
charges
Claim Documents
Following Documents are generally required to settle the claim. Your full cooperation to surveyer/Investigator appointed
by the Company would enable prompt settlement of claims
POPULAR POLICIES
A few of our most widely sold and most useful policies are: