ICICI Lombard expects to cross the Rs 5,000-crore mark in premium collection this fiscal on the back of good growth in health and motor insurance segments, a top executive of the leading private general insurer said.
“We are hopeful of crossing Rs 5,000 crore in gross written premium collection (GWP) in the current fiscal and expect to clock a 20-25 per cent growth in overall business for the next three to four years,” Executive Director of ICICI Lombard, Mr Neelesh Garg said.
The company had a GWP of Rs 4,252 crore during the last financial year.
Mr Garg said the growth in premium collection was mainly on account of sound performance across all segments, especially health and motor insurance.
While health insurance constitutes more than 25 per cent of the total portfolio, motor segment is around 40 per cent of the company’s business.
Mr Garg said it is witnessing over 20 per cent expansion in the health segment and is likely to maintain the momentum.
The company has a loss ratio of less than 100 per cent in group medi-claim policy, which is one of the most loss making segments of the industry.
Mr Garg said, “There is no pressure as the market is too big in India and penetration is very less. So, there is scope for every player in the market place.”
He said the firm was witnessing a “sound growth rate” in the motor insurance segment as well.
Mr Garg added that insurance regulator IRDA’s decision to replace third party motor pool with declined pool system would help in profitability of the industry.