Oriental expects Rs 6,500 crore business this fiscal

Oriental Insurance Company (OICL) is targeting Rs 6,500 crore business this fiscal, a top official said on Thursday.

In the next three years, it hopes to touch Rs 10,000 crore. “We are maintaining an annual growth rate of 16.5 per cent. Last year, we garnered business of approximately Rs 5,500 crore. Within the next 3 years we are hopeful of touching Rs 10,000 crore mark,” OICL CMD, Mr R K Kaul, told reporters here.

OICL has a product mix that comprises 10 per cent from fire insurance, 6 per cent marine, 35 per cent motor insurance and remaining in miscellaneous products.

He said the health insurance segment is poised for growth in the years to come.

To a question, Mr Kaul said the settlement ratio was 86 per cent. The pendency of 14 per cent was on account of non availability of requisite documents and procedural wrangles faced due to legal issues.

The company was hosting 930 operational branches and about 250 extension counters. Before the end of this fiscal, another 500 extension counters would be inaugurated.

The total head count was 16,000 and it was planned to recruit 400 officers this year. He said that the insurance products launched by the new entrants in the fray with foreign tie ups had not made a larger dent in the insurance business.

Earlier he opened an extension counter in the temple town of Srirangam, the 25th of its kind in Tamil Nadu.