Oriental Insurance Company Limited, one of India's premier insurance companies, is aiming to roll out two new health insurance products by the end of the current financial year.
The PSU insurer is also looking to expand its international operations through opening of a branch in one of the countries of the Gulf region.
"We would be coming out with two new health insurance products before the end of the current financial year. Our objective is to extend the company's health insurance products to the economically disadvantaged people who cannot afford hospitalization costs. As far as motor and fire insurance is concerned, we would not launch new products and we will only be coming out with add-ons of existing products”, R K Kaul, chairman and managing director of Oriental Insurance Company Limited told reporters.
Talking on plans for international expansion, Kaul said, “We are looking to set up a branch in one of the countries of the Gulf region and are awaiting regulatory approval for the same.”
He declined to name the country and the timeline of commencement of operations of the branch. Besides India, Oriental Insurance currently has operations in three countries- Nepal, Kuwait and Singapore.
Oriental Insurance has targeted a premium income of Rs 5470 crore for 2010-11. If achieved, this would be growth of 16.38 per cent over Rs 4700 crore which the company had achieved in 2009-10.
The insurance firm had clocked a growth of 19 per cent in the previous fiscal.The company plans to recruit 14,000 direct agents across the country in this financial year.
