Oriental Insurance open to IPO, to launch motor insurance products

Kolkata, May 9(UNI) Oriental Insurance, a public sector insurance company, will launch five to six new motor insurance products and target 15.2 per cent premium growth at the end of the current fiscal.

Speaking to mediapersons on the sidelines of a seminar organised by FICCI here today, Oriental Insurance Company Ltd Chairman and Managing Director M Ramadoss said, ''Apart from these new products, we are also planning value added products post April, 2008.'' If a customer meets with a car accident, the insurance company would offer services like replacing cars until the customer gets the insurance claim and his car gets repaired, he said. However, the premium for these products would be much higher at 8 to 8.5 per cent compared to current level of 3 to 3.5 per cent.

Oriental Insurance would target a premium growth of 15.2 per cent in 2007-08 compared to 11.7 per cent in 2006-07.

Asked about the company's plans to go for an IPO, Mr Ramadoss said, ''We can raise money through IPO and open operations abroad.

New plans can be chalked out by using shareholders' money after the IPO but not policy holders' money. However, it will only be possible after April 11, 2008 once IRDA lifts various caps on the insurance sector.'' UNI