Amid the slowdown in auto sales, public sector non-life player Oriental Insurance today said that its gross premium was expected to rise by a little over 5 per cent to Rs 4,000 crore during the current financial year as against Rs 3,800 crore in 2007-08.
While motor accounted for 50 per cent of the company’s portfolio, health made up for Rs 550 crore in 2007-08 and this sector was expected to contribute around Rs 850 crore this year.
During April-November 2008, the Delhi-headquartered company saw a 1.3 per cent rise in gross premium underwritten to Rs 2,632.42 crore as against Rs 2,598.67 crore during the corresponding period last year.
Oriental Chairman and Managing Director M Ramadoss told reporters that health insurance would be one of the segments which the insurer intended to focus on during the current financial year.
The company said that it has tied up with MyTVS to provide Emergency Roadside Assistance in Mumbai. The scheme will be available for new as well as existing customers of Oriental Insurance as a value-added service in the motor product.
The service will be provided to private cars and passenger cars not more than 10 years old. This scheme will be valid for a year and it is expected to help the company boost its motor insurance portfolio.
At the time of an emergency or breakdown, a policyholder can dial a toll-free number and MyTVS will deal with the complaint.