Corporate Highlights ICICI Lombard is a 74:26 joint venture between ICICI Bank Ltd., India's second largest bank with $79 billion in assets and Fairfax Financial Holdings Ltd., a Canada based $26 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. ICICI Lombard's success is the result of coming together of two of the most trusted names in the financial sector.
The company is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs 30,034 million for the 12 months ended March 31, 2007 with a market share of nearly 12.4% and compounded annual growth rate of over 84% in the last two years.
ICICI Lombard was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya GlobalConnect Customer Responsiveness Award 2006 and awarded the Gold Shield for "Excellence in Financial Reporting" by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006. It was among the top three General Insurance Companies to be awarded the "General Insurance Company of the Year" at the 10th Asia Insurance Industry Awards.
The company has been assigned an iAAA rating by ICRA (an associate of Moody’s Investors Service) for highest claim paying ability and a fundamentally strong position. The prospect of meeting policyholders’ obligation is the best.
The company has over 4,770 personnel in 220 offices spread across 166 locations. From April – March 2007, the company issued over 3.1 million policies across India and settled over 5.9 lakh claims. The company has a claim disposal ratio of 96% (percentage of claims settled against claims reported) as on March 31, 2007.
