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ICICI Lombard General Insurance

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ICICI Lombard General Insurance

  • Leading non-life insurance company in India since 2004
  • Provides motor, health, travel, home, property, marine, liability, crop, and other specialty insurances products
  • 840 virtual offices as of March 2020
  • Gross Written Premium of Rs. 32.55 billion (US$ 442.35 million) in the first quarter of FY21 (ended on September 30, 2020)

Currently, a leading private general insurer in India, ICICI Lombard started as a joint venture (JV) between ICICI Bank and Fairfax Financial Holdings in 2001. Over the years, it has grown rapidly along with India’s insurance industry.

Gross Direct Premium Income (GDPI) of the company stood at Rs. 133.13 billion (US$ 1.89 billion) in FY20.

Company Website: www.icicilombard.com

ICICI Lombard – Nibhaye Vaade

2020

In December 2020, ICICI Lombard introduced the ICICI Lombard Full Health Insurance product with new health plans and benefits. The Health Shield, Health Shield Plus, Health Elite and Health Elite Plus plans will provide the latest offerings and robust coverage to provide consumers with enhanced security.

In November 2020, ICICI Lombard General Insurance Company received approval from the Insurance Regulatory and Development Authority of India (IRDA) for acquisition of Bharti AXA General Insurance Company. The deal is expected to create the country’s third-largest non-life insurance company, with a combined annual premium of Rs. 16,447 crore (US$ 2.24 billion) and a market share of ~ 8.7%.

In September 2020, ICICI Lombard entered into a bancassurance partnership with Yes Bank to make insurance more accessible to customers across 28 states and 8 union territories.

ICICI Lombard launched domestic trip insurance with PhonePe
2019 Announced tie-up with Standard Chartered Bank
2017 Became a listed company, GDPI crossed Rs 100 billion (US$ 1.54 billion)
2016 First general insurance company in India to issue subordinated debt
2015 Investment book size crossed Rs 100 billion (US$ 1.56 billion)
2014 Number of policies issued surpassed 10 million
2010 Settled over 5 million claims
2006 Crossed Gross Direct Premium Income (GDPI) of Rs 10 billion (US$ 220.61 million)
2004 Became India’s largest private sector general insurer
2001 Commenced non-life insurance operations

 

Insurance
The insurance industry in India is expected to reach US$ 280 billion by the end of 2020. Life insurance industry in the country is expected to grow 12-15% annually over the next three to five years.