Established in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- India’s second largest bank and Fairfax Financial Holdings Limited- a financial services company based in Toronto. ICICI bank had 64% stake in the venture while Fairfax had 35% in the joint venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India.
Product and Services
- Lombard Health Insurance
- Lombard Overseas Student Medical Insurance
- International Travel insurance
- ICICI Lombard Home Insurance
- ICICI Lombard Car Insurance
- ICICI Lombard Rural Weather Insurance
ICICI General’s Gross Written Premium (GWP) was Rs 109.60 billion in fiscal 2017. The company maintained its market leadership in the private sector with an overall market share of 8.4%. The company witnessed an increase in policy volumes by 12.21% from 15.80 million in fiscal 2016 to 17.73 million in fiscal 2017. ICICI General’s profit before tax increased from Rs 7.08 billion in fiscal 2016 to Rs 9.10 billion in fiscal 2017. ICICI General’s profit after tax increased from Rs 5.07 billion in fiscal 2016 to Rs 7.02 billion in fiscal 2017. In fiscal 2016, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax Financial Holdings, at a company valuation of Rs 172.25 billion. Following the transaction, the share ownership in ICICI Lombard General Insurance Company of ICICI Bank and Fairfax Financial Holdings Limited is approximately 64% and 35%, respectively.
CAR INSURANCE- THEY PROVIDE SELF INSPECTION SERVICE,AND GIVE YOU ONLINE INSURANCE POLICY.
BIKE INSURANCE- THEY PROVIDE SELF INSPECTION SERVICE,AND GIVE YOU ONLINE INSURANCE POLICY.
HEALTH INSURANCE – CASHLESS CLAIMS, PAY BILL FIRST AND GET FROM US THERE ARE LOTS OF HEALTH POLICY.
HOME INSURANCE – VERY GOOD CLAIM SETTLEMENT RATIO OF ICICI RATHER THEN OTHER INSURERS.
BUSINESS- WE AND OUR BUSINESS IS IN VERY SURROUNDED BY MANY THINGS THAT CAN DAMAGE OUR BUSINESS ICICI PROVIDE VERY GOOD AND FAST CLAIM SETTLEMENT POLICY THAT ARE VERY PRACTICAL AND FAST.