Oriental Insurance Co Ltd expects its business to grow by at least 10-12% in the current financial year, against a negative growth in 2007-08, according to its chairman and managing director M Ramadoss.
“This year, we will recover lost growth in motor and health,” Ramadoss said. In 2007-08, Oriental’s growth in motor insurance slowed down and it also refused some loss-making renewals in the health portfolio.
Oriental is due to release its results for the year to March 31, 2008 in mid-June, but sources said its total business or gross premium income in that year dipped to Rs 3,870 crore from a high of Rs 4,030 crore in 2006-07 as it shed some losing business.
Ramadoss said that, apart from motor and health, Oriental would continue to focus on big corporate clients, the public sector, and segments in which it is doing well.
He said Oriental is the market leader in engineering, energy – oil drilling, marine hull policies – and aviation. “We will continue to grow in these segments,” he said. “The fastest growth will be in health.”