ICICI Lombard likely to settle 8.5 lakh claims this fiscal

Private sector non-life insurer, ICICI Lombard is likely to settle 8.5 lakh claims under motor insurance segment, own-damage claims in particular, during the current fiscal, a senior company official said.
The company had settled 7.4 lakh claims under the segment during the last fiscal.
The spike in claims during the current fiscal vis-a-vis last fiscal will be owing to huge number of claims the company has received due to the devastating floods in Tamil Nadu in November last year.
Motor insurance is largest portfolio for the company and accounts for 45 per cent of the total premium collection.
"We had settled 7.4 lakh claims in motor insurance, own-damage claims in particular, during the last fiscal and we are likely to settle claims numbering 8.5 lakh under the segment during the current fiscal," ICICI Lombard General Insurance Chief Underwriting, Claims and Reinsurance, Sanjay Datta, told PTI here today.

"The spike in number of claims during the current fiscal under the segment will be primarily due to recent TN floods," he said.
"In Chennai alone, we received 10,000 claims under motor insurance segment during the floods last year and we have already settled claims of around Rs 100 crore under the segment so far," he said.
The non-life insurance industry is likely to settle claims to the tune of Rs 700 crore due to the TN floods alone, he said.