History

History

The Oriental Insurance Company Ltd

  • Oriental Insurance was incorporated in Bombay on 12 September 1947 as a government-owned non-life insurance company. It was established as a completely owned subsidiary of Oriental Government Security Life Assurance Company Ltd. to execute its parent body's general insurance operations.
  • In 1956, when insurance business was nationalized, Oriental insurance became part of LIC till 1973. After 1973, Oriental Insurance became a subsidiary of General Insurance Corporation of India till 2003 when the company was de-linked from the parent company and set up as an independent insurance company.
  • In 2003, the Union Government acquired all the shares of Oriental Insurance Company Ltd from General Insurance Corporation of India.
  • From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2014-15 the figure stood at a mammoth Rs. 7561 crores.
  • Oriental has its presence in Kuwait for past 57 years. It started in 1959 as one of the first Insurance Companies in Kuwait.
  • Bader Al Mulla & Brothers Company WLL is the Chief Agents of Oriental Insurance in Kuwait since 1986. Please refer www.almullagroup.com for more information.