Yes, The Oriental Insurance Company Limited is a government company. It is a prominent public sector general insurance company, operating under the administrative control of Ministry of Finance, Government of India. Founded in the year 1947 as a subsidiary focused on general insurance, the company has evolved over the years to become a top player in the Indian non-life insurance market.
Oriental Insurance deals in a wide range of general insurance products, such as motor insurance, health insurance, household insurance, marine insurance, crop insurance, fire insurance, aviation insurance and more. The company has an employee base of over 5,900.
Here is a quick overview of Oriental Insurance
| Details | Info |
| Founded | 12th September 1947 |
| Founder | Sir Purushottamdas Thakurdas |
| Headquarters | New Delhi, India |
| Chairman | Sanjay Joshi |
| Industry | General Insurance |
| Products | Motor Insurance, Health Insurance, Rural Insurance, Property Insurance and more |
| Gross Premium | INR 20,327 crores (FY 2024-25) |
| Subsidiary | The Industrial Credit Company Limited |
| Official Website | www.orientalinsurance.org.in |
Company History
The Oriental Insurance Company Limited was founded on 12th September 1947. It was established as a wholly-owned subsidiary of The Oriental Government Security Life Assurance Company Limited to focus exclusively on general insurance. The company made a modest start with a first-year premium of INR 99,946 in 1950.
Following the nationalisation of life insurance, Oriental Insurance became a subsidiary of the Life Insurance Corporation of India in the year 1956. In the year 1973, Oriental Insurance became one of the four public sector general insurance companies created under The General Insurance Business (Nationalisation) Act, 1972. The company’s ownership shifted to General Insurance Corporation of India, which held the shares on behalf of Government of India.
In the year 2003, Oriental Insurance became a fully-owned public sector undertaking under the Ministry of Finance, following the transfer of all its shares from GIC to the Government of India.
Current Status
The Oriental Insurance Company Limited has a network of over 1,000 operating offices across India. In addition, it operates 25 regional offices, 70 claim service centres and 5 corporate business offices in the country. The company also has an international presence, with offices in Kuwait, Nepal and Dubai.
Oriental Insurance places greater emphasis on insurance products like motor, property, health and social insurance. The company has a large agent network, with a high focus on customer service, digital tools for claims tracking and other services, grievance redressal and 24/7 support.
The company reported a gross premium collection of INR 20,327 crores for the financial year 2024-25. Its claim settlement ratio stood at 91.65% in the financial year 2024-25.
Future Outlook
Oriental Insurance is expected to benefit due to rapidly expanding general insurance market in India and government backing. The company faces the possibilities of merger or restructuring in 2026.
