Public sector insurer, Oriental Insurance Company which touched Rs 55 billion or Rs 5,500 crore in premiums last year, is aiming to touch Rs 65 billion this fiscal.
 

R K Kaul Chairman & Managing Director, Oriental Insurance Company said that the company aims to achieve a business growth of Rs 65 billion (Rs 6,500 crore) in the current financial year 2011-12 and touch Rs 100 billion mark in the next 3 years.
 

"We are maintaining an annual growth rate of 16.5%. Last year, we garnered business...  Read More »

Oriental Insurance Company entered into an agreement with Oriental Bank of Commerce, allowing the bank to sell mediclaim policies to its customers.

A K Saxena, General Manager, Oriental Insurance Company and R M Sharma, GM of Oriental Bank of Commerce signed a memorandum of understanding (MoU) on Monday.

Oriental Insurance Mediclaim policy will be available across the bank’s pan-India network. Mediclaim policy is an insurance cover which takes care of various medical expenses following...  Read More »

Oriental Insurance Company has teamed up with Federal Bank to extend a new insurance scheme ‘Fed Oriental Pravasi Insurance’ to its Non-resident Indian or NRI customers.

Kerala-based Federal Bank will now offer this unique insurance scheme to new NRI customers which will cover their hospitalisation expenses. Under Fed Oriental Pravasi Insurance scheme, the insured person can avail cashless treatment in over 3000 hospitals across the country. Overseas treatment of up to Rs 75,000, in...  Read More »

Many a times policyholders get medical treatment from a hospital of their choice or convenience. Public sector insurance companies (PSUs) have a tie-up with certain hospitals that feature in their Preferred Provider Network (PPN). These hospitals offer cashless mediclaim facility to policyholders however, there are many hospitals which are not under the PPN and the expenses on treatment have to be borne by the policyholder.

Under the Right to Information Act (RTI), the Central Information...  Read More »

Insurance Regulatory and Development Authority (IRDA) has released the business figures of all general or non-life insurance companies in India. For the month July 2011, these companies have collectively recorded an 18.5% growth over their premium collections in July 2010.

New India Assurance, the country’s largest non-life insurer, has collected Rs 707.15 crore for the month of July this year, with a growth of 18.2% over its collections in July last year. The other 3 public sector insurance...  Read More »

G Srinivasan, Chairman cum Managing Director (CMD) of United India Insurance has taken up interim additional charge as the CMD of New India Assurance as well.

M Ramadoss, Chief of the country’s largest general insurance company, New India Assurance, has been facing the heat regarding CBI investigations for the irregularities in granting insurance cover to Paramount Airways.  In connection to this, last month, the Central Bureau of Investigations raided his residence. In the meanwhile, M...  Read More »

M Ramadoss Chairman cum Managing Director of New India Assurance Company has been suspended by the government following CBI investigations. The Central Bureau of Investigation is examining the Chairman’s role in the irregularities in providing credit insurance cover to Paramount Airways.
 

The deal with Chennai-based Paramount Airways was approved when M Ramadoss was serving as the CMD of Oriental Insurance. When the same deal came up for renewal on April last year, Oriental Insurance Company...  Read More »

New India Assurance Company, Oriental Insurance Company, United India Insurance Company and National Insurance Company have more than 10 lakh motor accident cases pending against them. In an effort to lower these pending cases and to settle claims, the four public sector insurance companies have launched a motor third party claims settlement centre in Kochi.

These state owned insurance companies further plan to open 50 such centres across various locations in India. Earlier in March this...  Read More »

The four state-owned health insurance companies New India Assurance, National Insurance, United India Insurance and Oriental Insurance Company, had withdrawn cashless treatment facilities at major hospitals, last year in the month of July.
 

The decision was taken after hospitals started overbilling health insurance policyholders who opted for cashless claim settlement. This caused a lot of discomfort among the four public sector insurers, who collectively held over half of the health insurance...  Read More »

Central Bureau of Investigation (CBI) conducted raids on the premises of Oriental Insurance Company.

Dharani Mishra, CBI spokesperson said that Oriental Insurance gave credit-based insurance policies to Paramount Airways, without following any procedures.

The CBI suspects that M Ramadoss, former Chairman and Managing Director of Oriental Insurance Company, entered into a conspiracy to favour Paramount Airways which is a low-cost airliner.

Click here for more updates and news on Oriental...  Read More »