The state-run non-life insurer, Oriental Insurance Company (OIC), is likely to register an incremental growth of 10% on year-on-year basis during the first quarter which ended 30 June, 2009.
Talking to reporters on the sidelines of Skoch summit on BFSI (banking, financial services and insurance) in Mumbai on Thursday, M Ramadoss, chairman and managing director, OIC, said that the claim ratio in motor insurance alone during the year 2008-09 was reported to be at 94% in his company, whereas the ratio including pool and third party claim crossed the mark of 115% during the period.
Talking about the new product, Ramadoss said “We are likely to come up with a new product in travel insurance titled as ?Travel Bliss?. Though the company is already having such product, the new product will see the addition of quite a few more attractive features.??
Some of the new features to be added to the forthcoming product include removal of the minimum period of travel, the policyholder was looking for to get the insurance cover. The policyholder can take this product for whichever period he wants to.
The only thing that he will be charge the premia accordingly, said Ramadoss. The product is yet to get the final approval from Insurance Regulatory and Development Authority (Irda).