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Last updated: 19 Sep 2025, 01:28 PM
ICICI Lombard General Insurance: Reliable Protection for Every Journey
ICICI Lombard General Insurance Company Limited, established in 2001 as a joint venture between ICICI Bank (India's leading private sector bank) and Fairfax Financial Holdings (a Canadian financial services firm), is headquartered in Mumbai. As India's largest private general insurer, it excels in comprehensive non-life solutions with a market share of 9.4% in Gross Direct Premium Income (H1 FY25).
In-Depth Details
Key Highlights
- Products Offered: 100+ plans across health (e.g., Health Shield 360° with cashless hospitalization), motor (e.g., iProtect Smart for cars/bikes with AI-backed claims), travel (e.g., Travel Protect for global coverage), personal accident, home, cyber, marine, fire, engineering, and liability—featuring add-ons like maternity, wellness, and zero-depreciation for seamless protection.
- Reach & Scale: 312 branches and 840 virtual offices across India, 14,400+ network garages, 10,600+ healthcare providers; serves millions, issuing 2.17 crore policies in FY23; Gross Written Premium: ₹217.71 billion (FY23).
- Performance Metrics: Incurred Claim Ratio of ~85% (FY24); settled 1.6 million claims in FY23 (average 3.5 per minute); Profit After Tax: ₹25.08 billion (up 30.7% YoY in FY25); Solvency Ratio: 2.69x (Mar 2025).
- Achievements: Voted General Insurance Superbrand 2025; Triple accolades at FICCI Awards for AI innovations (2024); 'Best General Insurance Company' at Insurance Conclave & Awards 2024; recognized for digital excellence and quick claims processing.
