OICL chief to enlarge firm’s scope here
Kathmandu, September 29:
Here on a two-day visit, M Ramadoss, chairman-cum-managing director of the Indian government’s Oriental Insurance Company Limited (OICL), today met insurance regulators and clients from corporate houses and discussed his company’s plans for Nepal.
He said OICL, the fourth largest insurance company in Nepal and operating here for more than 50 years, wanted to expand its business and open more branches.
He added that with the huge financial strength of the company which helps it to underwrite larger risks at competitive premium rates, it wants to expand its portfolio of large risks insurance. The last financial year, OICL provided re-insurance support to the tune of around Rs 5.4 crore.
Apart from this, OICL will focus on tie-ups with motor dealers and commercial banks for a corporate agency to expand its retail sales. Ramadoss said health insurance was one area worth expanding in Nepal. The company proposes to introduce new policies like Overseas Mediclaim Policy for people traveling out from Nepal, a package policy covering personal accident, health insurance requirements of people in the city at a small premium and a comprehensive policy for small shop-keepers.
Commenting on the Nepali insurance market, the OICL chairman felt that de-tariffing of Fire and Motor insurance should be done at an early date so as to facilitate consumers in getting the advantage of competition in the industry.
For expanding insurance market in Nepal, he suggested giving tax benefits to medical insurance policies so that the personal lines of insurance market get deepened. He suggested the regulator insist on qualified personnel to man the underwriting and claims department.
OICL is a general insurance company wholly owned by the Government of India. It started in 1947 and is the third largest general insurance company in India.
The company began operations here in 1957 and is doing an annual premium of NRs 30 crore. The Nepal operations of the company are looked after by its CEO Dr M S Kumar.