Page 7 - Icici Lombard

ICICI Lombard General Insurance's Q4 profit rises by 18% to Rs 2 billion

The company logged a net profit of Rs 1.8 billion in January-March quarter of 2016-17

ICICI Lombard upgrading forensic methods to detect insurance claims fraud

Private sector general insurer ICICI Lombard is upgrading use of forensic methods to detect fraud in claims by companies, in the backdrop of rising incidents in this regard and loan defaults.Lokanath Kar, its chief legal and principal compliance officer, told Business Standard they had empanelled experts to detect cases where fraudulent claims had been made by companies facing a financial squeeze or like issues. With cases of corporate fraud or default being reported every other day, insurance companies are trying to pre-empt prospective losses, he explained. On a petition filed by the company regarding fraud in vejicle insurance claims, the Allahabad High Court had in October 2015 directed the Uttar Pradesh government to constitute a Special Task Force (STF) to probe these. "Since then, the SIT has detected 126 fraudulent cases worth Rs 230 million in the state. Police cases have also been filed in 60 cases by the SIT," says Kar. Similar SITs had been formed in Delhi, Odisha and ...

ICICI Lombard partners Practo to launch insurance app to cover OPD expenses

66% of the healthcare spending in India is on OPD consultations

New India, ICICI Lombard may take time to win investor faith

As the general insurers are yet to report underwriting surplus, dependence on investment gains will remain high

ICICI Bank, Fairfax to shed stake in ICICI Lombard via IPO

Mumbai, June 5 ICICI Bank as well as Fairfax Financial Holdings will sell a part of their stake in ICICI Lombard General Insurance Company Limited through initial public offering to monetise their investments.ICICI Bank and Fairfax Financial Holdings, have informed that they intend to partially divest equity shares of the company held by them, said the insurance company in a statement. ICICI Lombard is a joint Venture between ICICI Bank and Prem Watsa controlled Fairfax Holdings of Canada. The company will sell shares through IPO, subject to requisite approvals and market conditions. The size and other details of the offer will be announced laterLast month Fairfax sold 12.18% of its stake in ICICI Lombard General Insurance to a clutch of investors, including Warburg Pincus, for Rs 2,473 crore. With this stake sale, the general insurance company was valued at Rs 20,300 crore. ICICI Bank held 63.31% stakewhile Fairfax India Holdings Corporation held 22.13% approximately. ICICI ...

ICICI Lombard net grows 38% at Rs 702 crore in 2016-17

The company's net profit in the preceding fiscal 2015-16 stood at Rs 507.5 crore

Warburg in lead to buy part of Watsa's ICICI Lombard stake

Stake of slightly more than 25% valued at about $1billion

ICICI Lombard announces private placement of subordinated debt

Raises Rs 485 cr via 10-year NCDs, at an interest rate of 8.25%

ICICI Lombard launched search registry for hospitals, treatment, surgery cost

Using the portal, customers can compare prices in various hospitals