The Hindu Business Line : ICICI Lombard eyes Rs 100-cr biz in Kerala

By concentrating on more retail insurance business, ICICI Lombard General Insurance Company is aiming to achieve Rs 100 crore business in Kerala this year.

"We are entering in the retail insurance sector in the State in a big way by branching out to new areas. The share in the market is bound to increase once retail insurance which covers motor, travel, individuals etc goes well," Mr K. Bharathan, Head, Government Solutions Group, ICICI Lombard said.

In an interaction with media persons here, he said that ICICI Lombard wanted to become a most important player in motor and travel insurance in the State. The company, he said had already collected a premium of Rs 30 crore in the State up to March 31 and is performing well in Kerala through its six offices in various parts of the State.

Strategic tie-ups

The company has already joined hands with several state and central public sector undertakings as well as leading companies in the corporate sector including Dubai Ports, Cochin International Airport Ltd, Apollo Tyres etc for insurance cover for employees. Apart from this, ICICI Lombard had tied up with various state governments in 13 states for group personal accident cover of 126 million lives and health cover to 3.3 million weavers in six states in health insurance.

It had also introduced a weather insurance cover for 1,15,000 farmers in 1,32,000 acres of land doing farming in wheat, paddy, orange, cotton, grapes, soyabean etc, Mr Bharathan said. Mr Karthik Jain, Head (Marketing) said that the company is the largest private sector general insurance company in India with a gross written premium of Rs15,920 million in 2005-06 and a growth of 80 per cent as compared to the corresponding period of the last year. In the year 2005-06, the company issued over 14,61,000 policies across the country and settled 2,43,951 claims. It has a claim disposal ratio of 95 per cent as on March 31.

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