The Oriental Insurance Company

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]

Performance in last fiscal 2017-18

↵The profits generated by sale of investments increased

by Rs. 851.73 crores and the management expenses

decreased by Rs. 128.25 crores. This coupled with

underwriting losses resulted in profit before tax

of Rs 1382.28 crores during the year under review

compared to loss before tax of Rs. 1987.43 crores

during the previous year, after taking into account

both operating profit and investment income. The

profit after tax was Rs. 1509.89 crores during the

year under review as compared to loss after tax of

Rs. 1691.10 crores during the previous year.

Solvency Margin:

The solvency margin ratio stood at 1.67 as on

31.3.2018.

Dividend

No dividend was recommended for payment

Reserves

The amount of Rs. 1509.23 crores being net profit

after tax as per the Profit and Loss Appropriation

Account is transferred to General Reserve Account/

Contingency Reserve Account in the Balance Sheet.

The net worth was Rs. 3156.69 crores for the period

ending 31.03.2018 as against Rs.1334.48 crores last

year.

Profile

was incorporated at Bombay on 12th September 1947. The

The Oriental Insurance Company Ltd
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 have 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.

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.

Our Corporate Objectives

To Ensure that we

1. Act as a financially sound corporate entity with high business ethics

 2. Implement best human resource development practices to build a highly efficient,
dedicated and motivated workforce with high morale and moral values

3. Optimally utilize the information technology infrastructure

4. Provide excellent customer service

5. Run the business profitably through prudent underwriting and efficient & proper
claim management

6. Effectively manage our reinsurance operations

7. Effectively manage our investments for optimising yield

8. Have effective risk management systems

9. Improve the penetration of non-life insurance by proper underwriting, innovation &

marketing

10. To evolve as a vibrant & dynamic leading non-life insurer

Management

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. The Board of Directors of our Company includes eminent
personalities in various fields.

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.

Financial Performance of the Company

 Fire Marine Miscellaneous Total

2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16

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 (-))

NPA 33 21 14 8 333 198 380 227

(Provision (-)/
Write
back(+)) (0.05%) (0.03%) (0.05%) (0.03%) (0.04%) (0.03%) (0.04%) (0.03%)

Diminution in -8 -3 -79 -90

value of shares
0 0 -2 -2
(-)/ written
back (+) (-0.01%) (-0.01%) (-0.01%) (-0.01%)

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%)

Interest, Dividends & Rent (Shareholders’)

23049 27534

Profit on sale of Investments (Shareholders’)

22471 14854

Other Income/ Outgo

-3842 27791

CSR Expenditure
-407 0
Profit (+) / Loss (-) before Tax
-198742 18991

Prior period Income / Expenses

-183 -65

IT deducted at source and Provision for Tax

0 0

Provision for Tax for earlier years

29816 11123

Net Profit/ Loss after Tax

-169109 30049

Transfer to General Reserve / Contingency Reserve

-169109 15606

Provision for Dividend

0 12000

Corporate Dividend Tax

0 2443

 Percentages mentioned above are to Net Premium.

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:

 Highest priority to customer needs

  High standards of public conduct.
 Transparency in operations.
 High standards of professional ethics

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.

STANDARDS FOR ACCESS TO CITIZENS:

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.

STANDARDS FOR SERVICING:

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.

STANDARDS OF FAIRNESS AND OPENNESS:

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.

BENCHMARKS FOR SERVICING:

Decision on acceptance of Proposal for

 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

Copyright and Disclaimer

The Oriental Insurance Company Limited (OICL) provides no warranty, expressed or implied, as to the accuracy,
timeliness, completeness, merchantability or fitness for any purpose of any information contained in documents
produced by The Oriental Insurance Company Limited in, on or through this World Wide Web. OICL shall not have any
liability for any losses, in contract, warranty and tort or otherwise, incurred in connection with the electronic
transmission of any information, any decision made, action taken or inaction by any party in reliance upon the
information contained in this Web site.

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

 Claim due to Fire and/or Explosion

 Claim due to Flood, Storm, Cyclone, Earthquake, Subsidence/ Landslide

 Claim due to Riot, Strike, Malicious Damage and Terrorism (RSMDT)

 Marine Inland Transit Loss of cargo/machinery

 Marine Loss of cargo/machinery for Export

 Marine Loss of cargo/machinery during Import

 Claim due to Electrical/Mechanical/Electronic Breakdown/mishandling/impact damage to machine

 Claim due to Burglary/Theft of Vehicle

  Accidental Death Claim

 Permanent Disability/Injury claim due to accident

 Temporary Total Disability (TTD) (Weekly compensation) claim due to accident

 Mediclaim claim due to hospitalisation (desease/accident)

 Claim due to Death of Cattle (Non - IRDP)/ Permanent Total Disablement

 Claim due to Death of Cattle (IRDP)

 Damage claim to Private Vehicle (Car/ 2 Wheeler) due to accident

 Claim of Damage to Commercial Vehicle (Taxi/Bus/Lorry) due to accident

 Third Party (T.P.) Claim due to accident

POPULAR POLICIES
A few of our most widely sold and most useful policies are:

 PNB - Oriental Royal Mediclaim Policy

 Motor Policies - Terms & Conditions
 Comprehensive Health Insurance Scheme
 Electronic Equipment Insurance Policy
 Group Mediclaim Policy
 Householders Insurance Policy
 Individual Mediclaim Policy
 Kissan Package Insurance
 Motor Cycle Package Policy
 Nagrik Suraksha Policy
 Office Umbrella Policy
 Oriental Bank Mediclaim Policy
 Overseas Mediclaim Business and Holiday
 Overseas Mediclaim Employment and Study
 Pedal Cycle Insurance Policy
 Personal Accident - Individual
 Private Car Package Policy
 Shopkeeper's Insurance Policy
 Swasthya Bima Policy
 Sweet Home Insurance Policy
 Universal Health Insurance Scheme

Rural Insurance Policies

 BHAGYASREE CHILD WELFARE POLICY

 CATTLE INSURANCE
  CYCLE RICKSHAW INSURANCE POLICY
 DOG INSURANCE
 FISH IN PONDS (EMBANKMENTS)
 INSURANCE OF FISH IN PONDS
 GRAMIN ACCIDENT INSURANCE
 JANATA PERSONAL ACCIDENT POLICY
 KHALIHAN INSURANCE PACKAGE POLICY
 KISSAN AGRICULTURAL PUMPSET INSURANCE
 KISSAN PACKAGE INSURANCE POLICY
 POULTRY INSURANCE
 RABBIT INSURANCE
 PLANTATION/HORTICULTURE INSURANCE
 RAJRAJESHWARI MAHILA KALYAN BIMA YOJNA (NEW)
 SERICULTURE (SILKWORM) INSURANCE
 TEA PLANTATION INSURANCE
 UNIVERSAL HEALTH INSURANCE SCHEME

THE RIGHT TO INFORMATION ACT, 2005

 Gazette Notification (Last upload date 20/07/2006)

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