Even as the city-based private insurers are finding it
tough to crack the market, ICICI Lombard General Insurance
Company is going great guns in the southern market. After
storming the fire insurance market, the company is now
looking at marine hull insurance.
company has got sizeable share of coinsurance from Sanmar
Shipping and West Asia Maritime hull insurance policies.
"Our share in the Sanmar policy is 25 per cent while
it is 35 per cent in the West Asia policy," says
K Bharathan, regional head (south).
to him the southern region will close the first quarter
with a premium income of Rs 30 crore as against Rs 40
crore earned last fiscal. The company has got good entry
in the Sanmar group, India Cements, Madras Cements, KCP
and other leading industrial groups in south.
than the basic fire insurance policy, we are focusing
on selling the Consequential Loss of Profits insurance
policy that fetches good premium income," he adds.
Lombard is also into liability insurance in a major way.
The company has sold unique clinical trial insurance policies
to couple of pharma companies based in Hyderabad. The
policy covers the drug companies against any claims from
persons who are volunteers for human clinical trials.
reinsurance cover has been taken by us while selling the
clinical trial and marine hull insurance policies,"
ICICI Lombard is expanding its reach in the four southern
states by leveraging ICICI Bank''s branch network. By paying
rent and other charges to its parent, ICICI Bank, the
insurance company will operate from the bank premises.
to Bharathan each branch should fetch a premium income
of at least Rs 1 crore per annum to be economically viable.
brokers being its major source of corporate business,
ICICI Lombard conducts regular training courses to broking
officials so that they are well aware of the products,
and terms and conditions.