labels: icici lombard general insurance
ICICI Lombard Gen Insurance expands southern operations news
Venkatachari Jagannath
27 June 2003

Chennai: 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.

The 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).

According 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.

"More 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.

ICICI 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.

"Sufficient reinsurance cover has been taken by us while selling the clinical trial and marine hull insurance policies," Bharathan says.

Meanwhile, 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.

According to Bharathan each branch should fetch a premium income of at least Rs 1 crore per annum to be economically viable.

With 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.

 

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ICICI Lombard Gen Insurance expands southern operations