The country's leading public sector general insurance player, Oriental Insurance Company, is seeking insurance regulator IRDA's approval to open an office in Doha, the capital city of Qatar.
"We are seeking regulatory (IRDA's) permission to open an office in the Middle East region to serve the needs of non-resident Indians," Oriental Insurance Company Ltd Chairman M Ramadoss told PTI.
The company applied for approval from Insurance Regulatory and Development Authority (IRDA) earlier this year, he said.
Insurance companies are authorised to operate through local agency in the GCC region, he said.
At present, in the gulf region, Oriental Insurance has offices in two locations namely Dubai and Kuwait and the third one is located in Nepal.
The Dubai office came up as early as 1954, while Kuwait office was set up in 1960s, he said, adding, overseas business contributes about Rs 100 crore per year.
Meanwhile, Oriental Insurance Company has launched a portal, through which customers can buy policies online.
"Customers can get vehicle insurance, personal accident cover, householder's insurance online and even claims can be settled through the portal," he said.
The portal is integrated with the company's core insurance system and it would enable the various stakeholders of the company to get real time information about their policies, claims and grievances, he said.