New DelhiThe country's second largest public sector general insurer, Oriental Insurance Company, is set to open its third branch in the Middle East in the next few months to expand its footprint overseas.
"We are planning to open an office in the Middle East to serve the needs of non-resident Indians," Oriental Insurance Company Ltd Chairman M Ramadoss said.
The company is seeking necessary regulatory approvals for setting up an office in the region, he said.
"At the same time, we are also looking at agency tie-up as well," he said, adding, insurance companies are authorized to operate through local agency in the GCC region.
Presently, in the gulf region, Oriental Insurance has offices in two locations namely Dubai and Kuwait, while the third overseas office is located in Nepal.
Dubai office came up as early as 1954, while Kuwait came up in 1960s, he said, adding overseas business contributes about Rs 100 crore per year.
Asked about volatility in the premium rates across health and fire insurance following the de-tariffing last year, Ramadoss said rates would go up next year.
However, the premiums in these categories are expected to stabilise in the next two years, he added.
Talking about recently launched comprehensive health cover for family, Ramadoss said 'Happy Family Floaters Policy' aspires to protect one and all against escalating medical costs in turn creating healthy tomorrow for Indians.
Available in two options gold and silver plan, the sum insured varies between Rs 1 lakh and Rs 10 lakh, he said.
From this unique product that the company has launched, he said the company expects to earn premium of Rs 100 crore in the remaining months of the current fiscal.
Source:Indianexpress
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