The Oriental Insurance Company Limited (OICL), a public sector Government of India undertaking and one of the largest general insurance companies in India along with their Chief Agents in Kuwait; Bader Al Mulla & Brothers Company WLL welcomed A.K. Mittal, General Manager of Oriental Insurance Company to Kuwait. Mr. Mittal was on an official tour for three days in the country and arrived in Kuwait on 23 November, 2014. He visited the Indian Embassy in Kuwait and also met with very important clients of the company in Kuwait.
On 24 November, 2014, the company hosted a dinner for its clients for a meeting with Mr. Mittal. Agency Manager of Oriental Insurance Kuwait, Mr. Ravikumar Raizada hosted the event and welcomed distinguished guests to the dinner with the General Manager. Various eminent personalities from the business community in Kuwait attended the function. Indian Ambassador to Kuwait, H.E. Sunil Jain, also graced the occasion along with his wife. He praised Siddhartha Mukherjee, Resident Manager of Oriental Insurance in Kuwait for his great service in Kuwait.
"Oriental Insurance has a diverse portfolio with customer friendly insurance covers catering to the specific needs of both Urban and rural population of India and we are always in the process of introducing new products in the market” said Mr. Siddhartha Mukherjee. He assured the audience that the company has an added responsibility of serving the Indian business community and providing insurance solutions to NRI population in Kuwait, in addition to the customers in Kuwait.
Mr. Mittal informed the audience that the entry of foreign companies in the Indian insurance sector gives more opportunity for companies’ growth in India. Currently, the insurance penetration in India is only 0.7%. “We are 67 years old company and having a very strong capital, we still maintain our lead in the Indian insurance sector,” he said.
"We are expecting lot of positive changes from the new government at the center. Our Prime Minister, Mr. Modi’s projects such as ‘Jan-Dhan Yojana’ etc give a boost to the insurance sector especially in the rural areas. Since the rural population is accessible to the banking service, Insurance sector can penetrate more on these areas", he said.
Hormuzda Davar, Director of Financial Services, Al Mulla Group informed that Oriental Insurance started their operations in partnership with Al Mulla Group in Kuwait in the year 1985 as Chief Agents and today it is one of the largest foreign insurance companies in Kuwait. He proposed the vote of thanks to all and wished the company all the best.