ICICI Lombard clocks 30% growth in motor insurance segment

Private sector non-life insurer ICICI Lombard has registered a growth of over 30 per cent in the motor insurance segment in the first half of the current fiscal, a senior executive of the company said here today.
Such a growth rate was last achieved by the company around eight years ago.
"At ICICI Lombard, we have registered a growth of more than 30 per cent in the motor insurance segment alone during the first half of the current fiscal from the year-ago period," ICICI Lombard's chief of health and motor, underwriting and claims Sanjay Datta told reporters here today.
He was speaking on the sidelines of launch of 'Mobile Self Inspection' here. The app allows customers a hassle-free renewal of their lapsed motor insurance policy.

According to Datta, such type of growth under the motor insurance segment had been achieved by the company during pre-2008 period.
"We had achieved such kind of growth in the motor insurance segment during pre-2008 period," he said without divulging any further details.

For ICICI Lombard, motor insurance contributes 40 per cent of the total premium earned by it, he said.
The company has crossed Rs 6,000 crore of premium income during the first half of the current fiscal under motor insurance segment. In the industry, total premium collected by all the players on the space during first half of the year was at Rs 27,000 crore, he said.

On the long-term motor insurance policy, which was launched last year, he said the company has already covered around six lakh two-wheelers so far and thus earned premium below Rs 100 crore. Under the policy, there is a provision to provide insurance cover for two wheelers for a period up to three years.
Talking about the crop insurance, he said the company has already underwritten premium amounting to around Rs 1,500 crore so far against the industry figure of Rs 12,000 crore.
He said that driven by the Prime Minister Crop Insurance Scheme which was implemented by the government on July 1, the industry may cross the mark of Rs 18,000 crore by the end of the forthcoming Rabi season. ICICI Lombard is participating in the scheme in 5-6 states.