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Mumbai , Sept 13

ICICI Lombard General Insurance Company will face claim payouts to the tune of Rs 225 crore arising out of the Mumbai floods, Mr Sandeep Bakhshi, Managing Director, told newspersons at an event to launch a credit card. He pegged the insurance industry's total losses at about Rs 3,000 crore.

Though the claims amounted to Rs 225 crore, the loss on ICICI Lombard's balance sheet would be Rs 15 crore due to reinsurance support. The company received 3,000 claims, 90 per cent of which have been settled. About 2,000 came from motor insurance.

Motor insurance constitutes 20 per cent of the business portfolio of ICICI Lombard. The company's total new business premium in the current fiscal stands at Rs 700 crore.

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