Hope to grow over industry average, says ICICI Lombard

Private sector general insurer ICICI Lombard is hopeful of clocking a premium growth of 2-3 per cent higher than the industry average in the current financial year, a senior company executive said.

“We hope to grow 2-3 per cent higher than the industry average in this financial year,” ICICI Lombard General Insurance Company Executive Director Neelesh Garg said. The company’s gross written premium (GWP) grew around 20 per cent to Rs 6,420 crore last financial year on the back of sound growth in both retail and corporate segments, he added.

Of the overall premium last year, 75 per cent come from motor premia, around 20 per cent travel insurance and the rest from health cover, Garg said.

“We had grown in both the segments last fiscal and hopeful of maintaining the momentum this fiscal also,” he added.

Referring to increase in premiums, Garg said there might be some price rise taking into account inflation numbers.

ICICI Lombard, which is the largest private sector general insurance, is promoted by ICICI Bank and Canada-based Fairfax Financial Holding with the former holding majority stake in the joint venture.