ICICI Lombard joins hands with Sidbi

ICICI Lombard General Insurance has entered into an agreement with Small Industries Development Bank of India (Sidbi) for providing non-life insurance products to Sidbi-assisted units, small and medium enterprise (SME) and micro-finance sector.

Under this arrangement, ICICI Lombard will offer three categories of non-life insurance products "� asset insurance (fire, burglary of plant & machinery and other assets), creditors insurance and rural insurance solutions such as weather, health insurance.

Commenting on the tie-up, Sandeep Bakhshi, MD & CEO, ICICI Lombard General Insurance Co, said, "The growing risks in an evolving market place have highlighted the need of insurance from the micro finance and SME segments.

Our alliance with Sidbi is in line with our strategy of reaching out to customers across the country, particularly in rural areas."

Rakesh Rewari, deputy managing director, Sidbi, said, "Micro finance is one of the few market-based, scaleable anti-poverty solution, in the country today, and the argument to scale it up to meet the overwhelming need is compelling. Through our alliance with ICICI Lombard, we hope to provide our customers with an augmented suite of products at accelerating momentum.

In addition to its 180 offices across India, ICICI Lombard will distribute non-life insurance products through Sidbi's 59 branches in the country.