ICICI Lombard General Insurance is planning to launch a new health policy and a motor policy shortly.
The company has filed applications with the Insurance Regulatory Development Authority (Irda) to launch a high sum assured critical illness health policy, and a motor policy, which would cover depreciation of the car, said Sanjay Datta, head of health insurance, ICICI Lombard General Insurance, at an interactive session in Kolkata.
Like most general insurance companies, ICICI Lombard would not be aggressive selling group health insurance policy due to high claim ratio, he added.
In April 2009, the gross written premium for the company was close to Rs 400 crore, which is about 17 per cent less than the premium in the same period last year.
ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited, and Fairfax Financial Holdings Limited, a Canada based $26 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
The general insurance industry grew at a CAGR of 14 per cent over the last five years. The total premium collection was US$ 6.65 billion in FY 2009, a growth of nine per cent over the last year. Premium from the retail sector accounted for 50 per cent of the total collection, which is an increase of 40 per cent over FY2000.
