Oriental Insurance Launches Sarvatra Suraksha for Climate Risks
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Oriental Insurance introduces Sarvatra Suraksha, a parametric policy protecting individuals & businesses from climate change & natural calamities with quick, transparent claims.
Photograph: Kind courtesy Monam/Pixabay
New Delhi, Jul 3 (PTI) Oriental Insurance Company Ltd (OICL) on Friday launched an innovative plan Sarvatra Suraksha Parametric Policy aimed at bridging the gap between traditional insurance and modern risk solutions.
It is an omnibus product suitable for individuals, farmers, businesses, institutions and communities exposed to weather- and natural catastrophe-related risks, Oriental Insurance Company Chairman-cum-Managing Director Sanjay Joshi said.
Sharing details of the policy, he said the product has been designed to provide timely financial support to customers affected by climate change and natural calamities, thereby enhancing the financial resilience of policyholders and promoting faster recovery.
Parametric insurance provides a pre-agreed claim amount when a pre-defined natural event, such as excessive rainfall, a cyclone, an earthquake, or any other specific trigger, reaches the agreed threshold, enabling quick claim settlement.
The benefits of the product include faster and transparent claim settlement, quick financial assistance after covered events, minimal documentation, and a simplified claims process, he said.
In view of global warming and its impact on human lives and businesses, there is a need for such products, he added.
Such products would help increase insurance penetration and density in the country and also achieve the goal of 'Insurance for All' by 2047, he said.
Coverage is based on one or more measurable parameters, including, but not limited to, temperature, rainfall, wind speed, or any other parameter/index specified in the coverage terms.
The insurance payout is automatically triggered when the specified parameter exceeds or falls below the agreed threshold, regardless of the actual loss incurred.
For the financial year ended March 2026, the state-owned Oriental Insurance's gross premium crossed Rs 20,000 crore. The development signifies the growing trust of policyholders, intermediaries, and stakeholders in OICL in particular and public sector insurance institutions as a whole.
The achievement aligns with the broader objective of the government to promote financial inclusion and ensure wider access to risk protection mechanisms.
This growth has been driven by robust contributions from the Group Personal Accident (GPA), Health, Fire, and Motor insurance portfolios.
It is an omnibus product suitable for individuals, farmers, businesses, institutions and communities exposed to weather- and natural catastrophe-related risks, Oriental Insurance Company Chairman-cum-Managing Director Sanjay Joshi said.
Sharing details of the policy, he said the product has been designed to provide timely financial support to customers affected by climate change and natural calamities, thereby enhancing the financial resilience of policyholders and promoting faster recovery.
Parametric insurance provides a pre-agreed claim amount when a pre-defined natural event, such as excessive rainfall, a cyclone, an earthquake, or any other specific trigger, reaches the agreed threshold, enabling quick claim settlement.
The benefits of the product include faster and transparent claim settlement, quick financial assistance after covered events, minimal documentation, and a simplified claims process, he said.
In view of global warming and its impact on human lives and businesses, there is a need for such products, he added.
Such products would help increase insurance penetration and density in the country and also achieve the goal of 'Insurance for All' by 2047, he said.
Coverage is based on one or more measurable parameters, including, but not limited to, temperature, rainfall, wind speed, or any other parameter/index specified in the coverage terms.
The insurance payout is automatically triggered when the specified parameter exceeds or falls below the agreed threshold, regardless of the actual loss incurred.
For the financial year ended March 2026, the state-owned Oriental Insurance's gross premium crossed Rs 20,000 crore. The development signifies the growing trust of policyholders, intermediaries, and stakeholders in OICL in particular and public sector insurance institutions as a whole.
The achievement aligns with the broader objective of the government to promote financial inclusion and ensure wider access to risk protection mechanisms.
This growth has been driven by robust contributions from the Group Personal Accident (GPA), Health, Fire, and Motor insurance portfolios.
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