ICICI Lombard General Insurance
India ranked 10th in life insurance 14th in non-life insurance in the world.
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.
- Leading non-life insurance company in India since 2004
- Provides motor, health, travel, home, property, marine, liability, crop, and other specialty insurances products
- Has 840 virtual offices, as of December 2020
- Net earned premium stood at Rs. 18,562 crore (US$ 2.35 billion) in FY22
ICICI Lombard – Nibhaye Vaade
| Year | Milestone |
|---|---|
| 2022 |
ICICI Lombard and Airtel Payments bank have entered into a partnership for providing cyber insurance in February 2022. |
| 2021 |
In September 2021, ICICI Lombard General Insurance received approval from Insurance Regulatory and Development Authority of India for the proposed scheme of an arrangement to demerger Bharti AXA General Insurance Company’s general insurance business to ICICI Lombard General Insurance Company. In August 2021, ICICI Lombard General Insurance introduced a comprehensive remotely piloted aircraft insurance policy to cater to drone operators. In July 2021, ICICI Lombard collaborated with Dr. Reddy’s to introduce cashless digital health solutions in India at pilot scale. In June 2021, the company announced that it is working towards using Microsoft’s speech-to-text tools as a stepping stone to build artificial intelligence (AI) capability in dealing with customers. In March 2021, the company’s 'InstaSpect' feature for vehicle damage assessment reached the milestone of >10 lakh motor insurance claim approvals since its launch in 2018. The feature eliminates the need for vehicle damage assessment through a physical survey and includes a live stream feature that allows virtual assessment. In February 2021, it received approval from the International Financial Services Centre Authority (IFSCA) to set up an IFSC insurance office (IIO) in Gujarat International Finance Tec-City (GIFT) near Gandhinagar. |
| 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 |
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