General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance . It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.
9-695: ICICI Lombard General Insurance Company Limited is a general insurance company located in India. ICICI is engaged with general insurance , reinsurance , insurance claims management and investment management . The company has a Gross Written Premium of ₹217.71 billion (FY2023). It offers policy insurance and renewal through its intermediaries and website. It markets assurance products including Car Insurance , Health Insurance , International Travel Insurance , Overseas Student Travel Insurance , Two Wheeler Insurance , Home Insurance and Weather Insurance . Founded in 2001, ICICI Lombard General Insurance Company
18-693: A combined annual premiums, worth ₹ 16,447 crore (US$ 2.0 billion). ICICI Lombard General Insurance Company has 13,670 employees, 312 branches(2024) 840 virtual offices spread across India. ICICI Lombard's Gross Written Premium was ₹ 217.71 billion (US$ 2.6 billion) in the 2023 fiscal year. ICICI Lombard had the second highest industry market share of 8.30 percent in the general insurance market as of February 2022. ICICI Lombard’s profit before tax increased from ₹16.83 billion in fiscal 2022 to ₹21.12 billion in fiscal 2023. ICICI Lombard’s profit after tax increased from ₹12.71 billion in fiscal 2022 to ₹17.29 billion in fiscal 2023. General insurance In
27-560: A company valuation of ₹ 172.25 billion (equivalent to ₹ 250 billion or US$ 3.0 billion in 2023). Following the transaction, the share ownership in ICICI Lombard General Insurance Company of ICICI Bank and Fairfax Financial Holdings Limited is approximately 64% and 35%, respectively. On 16th October 2019, FAL Corporation, part of Fairfax Financial Holdings, exited ICICI Lombard General Insurance Company Ltd. by selling shares, which at
36-420: A relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. Personal lines products are designed to be sold in large quantities. This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others. ACORD , which
45-590: Is a joint venture between ICICI Bank - India’s second-largest bank, and Fairfax Financial Holdings Limited- a financial services company based in Toronto . ICICI Bank had 64% stake in the venture while Fairfax had 36% in the joint venture. ICICI Lombard General Insurance is the largest private-sector general insurance company in India. In a 2016 fiscal, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax Financial Holdings, at
54-501: Is the insurance industry global standards organization, has standards for personal and commercial lines and has been working with the Australian General Insurers to develop those XML standards, standard applications for insurance, and certificates of currency. General insurance can be categorised in to following: The United States was the largest market for non-life insurance premiums written in 2005 followed by
63-506: The City of London . Lloyd's of London is a big participant in this market. The London market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance . Commercial lines products are usually designed for relatively small legal entities. These would include workers' compensation (employers liability), public liability, product liability , commercial fleet and other general insurance products sold in
72-462: The United Kingdom , insurance is broadly divided into three areas: personal lines, commercial lines and London market. The London market insures large commercial risks such as supermarkets, football players, corporation risks, and other very specific risks. It consists of a number of insurers, reinsurers, P&I Clubs , brokers and other companies that are typically physically located in
81-512: The time were worth nearly ₹ 2,627 crore (equivalent to ₹ 33 billion or US$ 390 million in 2023) ICICI Lombard General Insurance Company partnered with Karur Vysya Bank to sell bancassurance products in 2019. In August 2020, ICICI Lombard General Insurance Company acquired Bharti Axa Insurance General, through a share swap deal . The deal enabled Bharti AXA's current shareholders to receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held. The merger resulted in
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