Expands across fire, engineering, marine and liabilities insurance segments.
ICICI Lombard General Insurance Company has grown its market share across product lines and has also achieved a milestone in the settlement of claims during 2017-18.
While the company’s market share in the non-life insurance sector was 8.2 per cent in 2017-18, it has increased its share in categories such as fire, engineering, marine and liabilities insurance, according to the company’s latest annual report.
Its market share in fire insurance increased to 8.5 per cent in FY2018 from 7.8 per cent in FY2017, aided by its strong presence in the large-risk segment and increasing penetration in the mid-risk segment.
Infrastructure projects
In the engineering segment, its share rose to 11.2 per cent from 9.8 per cent. This was driven by strong relationships with large contractors eager to capitalise on the growing opportunities in the Indian infrastructure space. ICICI Lombard’s market share grew despite the de-growth faced by the industry in the engineering insurance segment, it said.
The market-share increase in marine insurance to 12.7 per cent from 11.7 per cent was achieved by leveraging innovations such as Risk Management Services, including loss control activities of high-frequency accounts using Marine Loss Control Engineering (MLCE). In the liability category, its share increased to 14.3 per cent from 12.9 per cent.
