ICICI Lombard: A growing general insurance company

K. ARAVIND

ICICI Lombard is the largest private sector private insurer in India. ICICI Lombard has achieved rapid growth in the field of general insurance, which is dominated by public sector companies.

There are currently 57 insurance companies in the country. Of these, 24 companies are in the life insurance sector and 33 are in the general insurance sector. In 2019-20, 42 crore people were covered by health insurance policies. This is only 30% of the total population of India. The number of people covered by health insurance is increasing every year. In 2014-15, it was 28.80 crore. At present, the annual premium collected by general insurance companies is Rs.1.25 lakh crore.

The business future of the general insurance sector is bright. The interventions of the regulatory authority have brought about great changes in this area. It is hoped that further changes will be made in this area to help increase the number of customers. The country’s general insurance market is expected to quadruple in ten years.

General insurance business has recently become more profitable than in the past. This has been helped by changes in technology and an efficient prevention of fraud.

ICICI Lombard has achieved strong growth in direct gross premium income. The possibility of bringing more customers into the general insurance sector in the country is paving the way for the future growth of the company’s business.

ICICI Lombard has released its best performing results for the October-December quarter of the current financial year. ICICI Lombard achieved a net profit of Rs.314 crore. Profit growth was 6.6 per cent at Rs.294 crore over the same period last year. Direct total premium grew by 9.2 per cent. The company’s total premium is Rs.4,034.
Shares of this company can be purchased for investment in several stages of correction.