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Oriental Insurance Targets 10% Premium Income Growth

Has set a target to close the current fiscal with a premium income of INR44 billion

Oriental Insurance has set a target to close the current fiscal with a premium income of INR44 billion, an increase of 8% compared to last year. The insurer is planning to commence selling policies online – reported Business Standard.

The general insurer has appointed a consulting firm to study whether it should continue with third party for its mediclaim policies or not, quoted the magazine.

M Ramadoss, managing director of Oriental Insurance, stated that the company had generated a premium of INR40.7 billion last year, and set a target of INR44 billion for the current fiscal. During the first quarter, the company has reported a 10% growth in the premium income, which stood at INR13 billion.

On August 15, the company is likely to launch a core insurance solution through which customers can buy policies such as overseas travel cover, health, personal accident, motor and house holders policies.