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"We are hopeful to get the Sahara business after the merger with Jet Airways as we are the insurer for Jet Airways," M Ramadoss, chairman and managing director, OICL said in Kolkata on the sidelines of the Insurance Conclave organised by FICCI.
"The insurance cover for the Sahara fleet is due in October. The insurance premium for the Sahara fleet would be valued at Rs 40 crore (Rs 400 million). The existing Jet Airways premium business is Rs 70 crore (Rs 700 million)," Ramadoss said.
Oriental is also one of the equal partners of the consortium of four PSU non-life insurance companies for the Air India insurance deal, which is likely to be finalised shortly.
"We have been mandated, but we have to give the quote for renewal of the insurance contract that is due from August 1. Last year premium income was Rs 70 crore," Ramadoss said.
Ramadoss said Oriental was looking at a growth rate of 10-15 per cent during the current year 2006-07 over the previous fiscal.
In 2005-06, Oriental Insurance earned a premium income of Rs 3600 crore (rs 36 billion) and domestic premium contributed Rs 3528 crore (Rs 35.28 billion).
Ramadoss said after the de-tariff regime from January 2007, few sectors like fire, marine, engineering and private car insurance rates would come down between 20-30 per cent from current levels while in mediclaim there would be upward pressure.