- ICICI Lombard promptly facilitates claims worth USD 235 million for Aban Pearl.
- Approximately 97% of the claim amount has already been paid.
ICICI Lombard General Insurance Company Ltd., India’s largest private sector General Insurance company, promptly facilitates settlement of Aban Pearl’s total loss claim worth USD 235 million.
The incident occurred on May 13, 2010 when the semi-submersible rig Aban Pearl sank off the shore of Venezuela. The rig was reinsured with ‘A’ rated reinsurers from Lloyds market with the lead reinsurer being Argenta Syndicate. Other reinsurers included General Insurance Corporation of India, Trust International Insurance & Reinsurance Co. of Bahrain, Zurich Insurance Co. and SCOR Global P & C. The reinsurance broker for this insurance program was Willis.
Approximately 97% of the claim amount of USD 235 million has already been paid within 3 months of claim intimation by Aban Pearl and the remaining amount will be settled shortly.
Mr. Alok Agarwal, Director – Corporate, ICICI Lombard General Insurance said, “As a deeply customer centric organization, ICICI Lombard believes in prompt claim settlement. Our claim service team worked very closely with the reinsurer brokers to facilitate the entire claim settlement process and ensured that the claim is settled as early as possible for Aban Pearl. ICICI Lombard has also recently settled a claim worth Rs. 177 crore for Indian Oil Corporation’s (IOC) fire loss at Jaipur”
About ICICI Lombard General Insurance Company Ltd.
ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank with consolidated total assets of over USD 100 billion at March 31, 2010 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 3,694.7 crore for the year ended March 31, 2010. The company issued over 44 lakh policies and settled over 62 lakh claims and has a claim disposal ratio of 96% (percentage of claims settled against claims reported) as on March 31, 2010. The company has 4,500 employees and 327 branches as on June 30, 2010.
The company has been assigned a domestic rating of ‘iAAA’ by ICRA (an associate of Moody’s Investors Service) for highest claim paying ability and a fundamentally strong position, for the fourth consecutive year. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the ‘Insurance Sector - Non-Life’ at the 3rd Loyalty awards, 2010. It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya GlobalConnect Customer Responsiveness Award 2006. It has the Gold Shield for ‘Excellence in Financial Reporting’ by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.
ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are multiple payment options available including internet banking, credit card, debit card and cash card.