Comments
ICICI Lombard General Insurance Company has grown its market share across product lines and has also achieved a milestone in the settlement of claims during 2017-18.
While the company’s market share in the non-life insurance sector was 8.2 per cent in 2017-18, it has increased its share in categories such as fire, engineering, marine and liabilities insurance, according to the company’s latest annual report.
Its market share in fire insurance increased to 8.5 per cent in FY2018 from 7.8 per cent in FY2017, aided by its strong presence in the large-risk segment and increasing penetration in the mid-risk segment.
Infrastructure projects
In the engineering segment, its share rose to 11.2 per cent from 9.8 per cent. This was driven by strong relationships with large contractors eager to capitalise on the growing opportunities in the Indian infrastructure space. ICICI Lombard’s market share grew despite the de-growth faced by the industry in the engineering insurance segment, it said.
The market-share increase in marine insurance to 12.7 per cent from 11.7 per cent was achieved by leveraging innovations such as Risk Management Services, including loss control activities of high-frequency accounts using Marine Loss Control Engineering (MLCE). In the liability category, its share increased to 14.3 per cent from 12.9 per cent.
Its travel insurance portfolio grew by 40.3 per cent to ₹173 crore in FY18 from ₹124 crore in FY17. Its market share in this segment grew to 24.9 per cent from 20.8 per cent in FY17.
“In FY18, we serviced 23.5 million policies, 32.5 per cent higher than in FY17. On the claims front, we honoured over 1.5 million claims. Also, we continued to excel on claim settlement front, having settled 99.9 per cent health claims in FY18 and 90.8 per cent motor claims within 30 days,” it said.
In FY18, the general insurance industry crossed the ₹150,000-crore mark, growing to ₹150,708-crore compared to ₹128,214 crore in FY17, a growth of 17.5 per cent.
Motor insurance accounted for 39.4 per cent of the overall general insurance industry premium, and motor own damage premium 17.5 per cent of the industry gross domestic premium income (GDPI) in FY18. ICICI Lombard held 11.6 per cent share in the motor own damage segment.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.