ICICI Lombard General Insurance Company Limited is a leading private insurer in the country. The company offers a wide range of general insurance products. It’s a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, a Toronto-based financial services provider.
The company was incorporated in 2001 as a joint venture between ICICI Bank and Lombard Canada. The promoter of the company, ICICI Bank Limited, held 48.02% stake in the joint venture as of March 31, 2023.
By 2003-2004, ICICI Lombard became India's largest private sector general insurer. ICICI Lombard introduced a wide range of insurance products and services to cater customers from different segments. The company primarily focuses on two-wheeler and car insurance, travel insurance and health insurance products.
ICICI Lombard touched the sales milestone of 10 lakh policies by 2006. The company's Gross Direct Premium Income (GDPI) also crossed ₹1,000 crore the same year.
ICICI Lombard settled over 50 lakh insurance claims in 2009-10 and surpassed the mark of cumulative 1 crore policies, the same year.
The GDPI of the company Gross Direct Premium Income (GDPI) crossed ₹10,000 crore mark in FY 2016-17. In 2017, ICICI Lombard launched its initial public offering (IPO), becoming the first general insurance company to be listed on the stock exchanges in India.
In 2018, ICICI Lombard partnered with Ola to launch an in-trip insurance scheme for Ola customers. The in-trip insurance scheme covered loss of baggage, accidental losses, missing a flight and OPD treatment, while taking a trip via Ola cabs.
In 2018, the company also launched its AI-backed platform to provide instant health insurance claim approvals. The insurance firm launched an application for a speedier claim verification process. In 2021, ICICI Lombard acquired Bharti AXA General Insurance.
The market capitalisation of ICICI Lombard Limited stood at over ₹77,000 crore as of February 6, 2024. ICICI Lombard share price has gained more than 7% in the last three years.
ICICI Lombard business operations
ICICI Lombard’s insurance products encompass coverage for motor, crop, fire, personal accident and marine accidents.
In FY 2023, the company issued 327 lakh policies and honoured over 36 lakh claims. The company achieved a 99.7% health insurance claim ratio through the operations of over 1,13,000 agents in the country. ICICI Lombard operates more than 305 branches and 917 virtual offices in the country. Their partner network also includes 13,134 garages and 25,136 healthcare network providers.
The company issues more than 99% of its policies electronically through the ICICI Lombard TakeCare app. The ICICI Lombard TakeCare app has reached the milestone of more than 50 lakh downloads.
