ICICI Lombard expects its travel sector to grow 25

ICICI Lombard, a private sector general insurance company, is targeting a 25 per cent growth in the travel insurance segment over the next two years.

“Our travel segment is growing at around 10-15 per cent year-on-year. With the growing awareness among international travellers, we expect the segment to grow at 25 per cent over the next two years,” Amit Bhandari, vice-president (health underwriting/claims), ICICI Lombard, said.

Launching a revamped version of its ‘International Travel Insurance’ here today, he said, its travel segment contributes around 2 per cent to the revenues. “We expect the contribution to grow two-three times in the coming years,” he said.

 

Under its travel insurance portfolio, it has three products - Individual, corporate and students. Motor and health are the two major segments, which are contributing 41 and 28 per cent respectively.

The travel insurance industry in India, which is pegged at Rs 400 crore, is expected to be a Rs 1,200-crore market in the next five years, he added.

The company recorded Rs 5,250 crore turnover in FY12, which has grown 20 per cent compared to last year.