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
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|