- ICRA reaffirms ICICI Lombard’s claim paying ability for the fourth consecutive year
- Rating indicates highest claims paying ability with fundamentally strong position
ICICI Lombard General Insurance Company Ltd., the country’s largest private sector General Insurance Company, received an “iAAA” rating from ICRA (an associate of Moody’s Investors Service) for the fourth consecutive year. The rating reaffirms ICICI Lombard’s highest claims paying ability and indicates ICICI Lombard’s fundamentally strong position and best prospects of meeting policy holders’ obligations in the general insurance space.
The rating takes into account the company’s strong parentage, its leadership position amongst the private sector general insurers in the country, balanced and diversified portfolio, prudent underwriting practice and reinsurance strategy as well as its satisfactory overall performance. ICICI Lombard’s competitive cost structure and focus on profitable growth, places it in a favourable position to compete in the detariffed environment. ICICI Lombard has also demonstrated strong support from its promoters ICICI Bank and Fairfax, in the form of regular capital infusion and access to distribution network and customer base of its parent organizations providing cross selling opportunities.
Mr. Rakesh Jain, Director- Corporate Centre and CFO, ICICI Lombard General Insurance said, "The iAAA rating by ICRA to our company for the fourth consecutive year is highly reassuring for our customers and partners. It reflects ICICI Lombard’s commitment to build a sustainable long term business with strong customer orientation.”
About ICICI Lombard General Insurance
ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank with USD 75 billion in assets and Fairfax Financial Holdings Limited, a Canada based USD 27 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 37,492 million for the year ended March 31, 2009.
As on December 31, 2009, the company has 4,707 employees and 360 branches. In the financial year ended March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against claims reported) as on March 31, 2009
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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. 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 2nd Loyalty awards, 2009. 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.
For more details about the company, log on to the website www.icicilombard.com