ORIENTAL INSURANCE -- NEPAL A PREVIEW
The Oriental Insurance Company Limited is operating in Nepal since 1956 as an extended arm of its parent organisation back home in India which is a public sector non-life general insurance company under the Ministry of Finance, Government of India. It started as a Branch Office operation in Kathmandu as its base. At that time, only one other Insurance Company i.e. Nepal Insurance and Transport Corporation (NITC) was underwriting general Insurance business and that was also only for Nepal Bank Ltd. The initial operation included direct Insurance acceptances and also acceptance of Re-Insurance business from NITC. With increase in premium income, we started full fledged Branch Offices at Biratnagar, Birgunj, Hetauda, Pokhara, Nepalgunj & Butwal in subsequent years. The premium at Kathmandu also increased resulting in creation of 2 Branch offices in Kathmandu i.e. Divisional Office I and Branch II . Apart from having these full fledged Branch Offices, we have four Inspectorate offices at Bhairahwa, Narayangarh, Tehrathum and Birtamode which are manned by Marketing Officer and are catering successfully to the needs of public residing in remote areas as well.The controlling office known as Country Office, is located at "Sunrise Bizz Park" Charkhal,Dillibazar, Kathmandu.
The company is one of the oldest non-life insurance companies operating in Nepal. The strength of the company lies in a highly dedicated, trained and motivated workforce with reasonably vast expertise in handling the insurance transactions. There is a very strong support in terms of highly technically qualified and competent team of professionals from the company's corporate office in India to render the services to the customers in the best possible way. The goal of the company is "Service to clients" and achievement thereof has been helped by the strong traditions built overtime.
The company made a modest beginning and during fiscal year 2073-74 the gross premium stood at NRs. 7740 lacs. The company has an investment portfolio of approx. NRs. 159 crore. There is no system of rating the insurance companies in Nepal, but The Oriental Insurance is fundamentally a very strong company with great credentials.
Oriental Insurance does not have any joint venture partner from Nepal and as such there is no share holding. Mr. Vinod Bhalchandra Ghate, Chief Executive Officer and Mrs. Rathika Muthukumar, Second India Based Officer are the India based officers and rest of the employees are recruited locally.
Our Corporate Mission
To contribute to the socio economic objectives of the nation by being a vibrant and viable organization catering to the growing insurance needs of the community. Towards this end, we will strive for effective management of business operations.
Our Corporate Objectives
To serve better the insurance needs of the entire community, keeping CUSTOMER in the focus.
To strengthen our tradition of being CUSTOMER - FRIENDLY, in order to provide quality service.
To manage Business profitably, manage funds judiciously and deploy investible funds for optimum yield.
To optimise the retention of Nepal business in the best interest of the country.
To work towards minimisation of losses and develop Risk Management Technologies.
To function as a strong and dynamic non-life insurer.