ICICI Lombard hopes to grow over industry average in FY14

Mumbai: Private sector general insurer ICICI Lombard is hopeful of clocking a premium growth of 2-3 percent higher than the industry average in the current financial year, a top company official has said.

"We hope to grow 2-3 percent higher than the industry average in this financial year," ICICI Lombard General Insurance Company Executive Director Neelesh Garg told PTI in an interaction here over the weekend.

The company's gross written premium (GWP) grew around 20 percent to Rs 6,420 crore last financial year on the back of sound growth in both retail and corporate segments, he added.

As per the company, while retail constitutes around 55 percent of the total business, corporate constitute the rest. Of the overall premium last year, 75 percent come from motor premia, around 20 percent travel insurance and the rest from health cover, Garg said.

"We had grown in both the segments last fiscal and hopeful of maintaining the momentum this fiscal also," he said.

Referring to particular product category like motor insurance, Garg said the company expects growth will depend on auto sales during the year.

He, however, added the company had witnessed a lot of momentum in the used vehicle space along with renewal premiums.

The private general insurer also said it had settled around 50 lakh claims last fiscal.

On launch of new products this fiscal, Garg said the company has well-diversified product basket and it usually comes up with three-four new products every year.

Referring to increase in premiums, Garg said there might be some price rise taking into account the inflation numbers.

ICICI Lombard, which is the largest private sector general insurance, is promoted by ICICI Bank and Canada-based Fairfax Financial Holding with the former holding majority stake in the joint venture.

PTI