Latest News on ICICI Lombard
ICICI Lombard has acquired the branding rights for the Siddhivinayak Metro Station.
ICICI Lombard, a leading insurance company, has acquired the branding rights for the Siddhivinayak Metro Station on Mumbai Metro Line 3 (Aqua line). The station, located in the heart of Mumbai, near the famous Shri Siddhivinayak Temple, will now be known as the ICICI Lombard Siddhivinayak Metro Station. This branding initiative is a significant milestone for the company, aimed at increasing its visibility and building a deeper connection with the people of Mumbai.
The station has been transformed into a vibrant and immersive brand experience, with ICICI Lombard’s brand colors and design language evident at every touchpoint. From large-format hoardings at the entry and exit points to branded panels across the concourse and platform levels, the station is fully enveloped in the company’s branding. A 3D anamorphic screen has also been installed, creating a unique and engaging visual experience for commuters.
In addition to the branding elements, a Health and Wellness Booth has been set up, where commuters can check their vital statistics, such as BMI, blood pressure, oxygen saturation, and stress levels, using ICICI Lombard’s IL TakeCare app’s FaceScan feature. This initiative aims to promote health and wellness among the commuters and provides a unique value-added service.
Sheena Kapoor, Head of Marketing, Corporate Communications, and CSR at ICICI Lombard, expressed her pride and excitement about the branding initiative. She stated that metro stations have evolved into dynamic spaces that shape experiences and tell stories, and acquiring the naming rights for the Siddhivinayak Metro Station is a powerful step towards building a deeper connection with people. Kapoor emphasized that this initiative has significantly amplified the company’s brand salience, with visibility among lakhs of daily commuters across the entire Aqua Line.
The branding initiative is not just about visibility, but about touching lives and creating an impact where it matters most. By associating with a temple that holds immense spiritual significance, ICICI Lombard is reinforcing its commitment to community and culture. The company aims to enable worry-free journeys and embed itself in the everyday life of Mumbai, making it a part of the city’s fabric. With this initiative, ICICI Lombard is setting a new standard for brand marketing and community engagement in India.
Star Health has elevated its Chief Marketing Officer, Himanshu Walia, to the position of Whole-time Director.
Star Health and Allied Insurance Company, a leading insurance provider, has announced the elevation of two key executives to Whole-time Director positions. Himanshu Walia, the company’s Chief Marketing Officer, and Amitabh Jain, the Chief Operating Officer, have been designated as Key Managerial Personnel. The appointments are subject to approval by the Insurance Regulatory and Development Authority of India (IRDAI) and will take effect on the date of approval.
Himanshu Walia, with over 22 years of experience in the insurance sector, has been an integral part of Star Health Insurance since 2007. As CMO, he has played a crucial role in building the company’s brand and market presence. Prior to joining Star Health, Walia worked with ICICI Lombard and Tata AIG. He holds an MBA in Marketing and brings a wealth of knowledge and expertise to his new role.
Amitabh Jain, with over 25 years of experience in financial services, has been serving as the COO at Star Health since 2023. He was a founding member of ICICI Lombard and has a strong background in the industry. Jain holds an engineering degree, an MBA, and is a CFA charter holder, making him a highly qualified and experienced professional.
The elevation of Walia and Jain to Whole-time Director positions is a significant development for Star Health Insurance. As Key Managerial Personnel, they will play a crucial role in shaping the company’s strategy and direction. Their experience and expertise will be invaluable in driving the company’s growth and expansion plans. The appointments are expected to strengthen the company’s leadership team and enhance its ability to navigate the complex insurance landscape.
The IRDAI’s approval is pending, and once received, the appointments will become effective. The elevation of Walia and Jain is a testament to Star Health Insurance’s commitment to recognizing and rewarding talent within the organization. The company’s focus on building a strong leadership team will likely have a positive impact on its future growth and success.
Delhi High Court quashes Rs.150 Crore GST Demand against ICICI Lombard General Insurance
The Delhi High Court has quashed a Goods and Services Tax (GST) demand of Rs. 150 crore against ICICI Lombard General Insurance Company Limited. The company had been issued a demand notice by the GST Officer, Department of Trade and Taxes, Government of the National Capital Territory of Delhi, for the financial year 2019-20. The demand included a tax amount of Rs. 1,49,55,43,768, interest of Rs. 1,24,34,72,940, and a penalty of Rs. 14,95,54,377.
The GST demand was based on the company’s entitlement to an input tax credit, as well as discrepancies in the reconciliation of numbers provided in monthly returns with the corresponding yearly return, and subsequent reconciliation with other parameters. ICICI Lombard General Insurance Company Limited challenged the demand by filing a writ petition with the Delhi High Court.
The court has now overturned the Order-in-Original issued by the GST Officer and has directed the adjudicating authority to start the process anew, taking into account the Show Cause Notice issued earlier and the company’s response to it. This means that the GST authorities will have to re-examine the company’s tax liability and issue a fresh order.
The court’s decision is a significant relief for ICICI Lombard General Insurance Company Limited, as it saves the company from paying a substantial amount of tax, interest, and penalty. The ruling also sets a precedent for other companies that may be facing similar GST demands based on discrepancies in their tax returns. The case highlights the importance of accurate reconciliation of tax returns and the need for companies to ensure that their tax compliance is in order to avoid such disputes.
Park+ partners with ICICI Lombard to offer digital car insurance.
Park+, a leading auto-tech platform in India, has partnered with ICICI Lombard, a prominent insurance provider, to offer car insurance services to its users. The partnership, announced on May 19, 2025, aims to simplify the process of acquiring and managing car insurance for Park+’s user base of over 20 million car owners. Through this integration, users will be able to purchase insurance coverage for both new and used vehicles digitally, with the entire process taking only a few minutes.
The collaboration will also streamline the claims process, leveraging Park+’s existing connections with service centers across India. This will enable users to manage their entire insurance journey, from purchase to claim settlement, within a single platform. According to Amit Lakhotia, Founder and CEO of Park+, the partnership is designed to enhance the car ownership experience by making car insurance simpler, easier, and more affordable.
ICICI Lombard’s Chief of Retail & Government Business, Anand Singhi, expressed enthusiasm about the partnership, stating that it has the potential to transform India’s car insurance landscape by increasing accessibility and efficiency. The partnership is a significant development in the Indian motor insurance market, which has seen increasing digitization in recent years. Traditional insurance providers are partnering with technology platforms to reach customers more effectively, and this collaboration represents another step in the ongoing digital transformation of financial services in India’s automotive sector.
Park+, founded in 2019, has established itself as a comprehensive service provider for car owners, addressing challenges such as parking, FASTag management, vehicle access control systems, and EV charging stations. With a presence in over 5,000 residential societies, 250 offices, and 50 malls across more than 30 Indian cities, Park+ is well-positioned to offer its users a seamless and convenient experience. The partnership with ICICI Lombard is expected to further enhance the company’s offerings and solidify its position as a leader in the Indian auto-tech industry.
Hansa Research Releases Health Insurance Customer Experience Report
Hansa Research, a consumer insights firm, has released its first edition of the Health Insurance Customer Experience Score (CuES) 2025 report. The study, based on feedback from over 3,800 respondents, examines customer expectations, satisfaction levels, and insurer performance across 12 health insurance brands in India. The report highlights the growing importance of understanding and improving customer experience in the health insurance sector, which continues to grow following a surge in adoption during the pandemic.
The industry’s overall Net Promoter Score (NPS) is recorded at 55%, with Bajaj Allianz General Insurance, SBI General Insurance, and ICICI Lombard General Insurance emerging as the highest-ranked companies. Bajaj Allianz leads with an NPS of 68%, attributed to factors such as product quality, digital support, claims experience, and hospital network access. The report notes that customers today are informed and vocal, expecting seamless experiences, and highlighting the importance of transparency, service quality, and innovation in building lasting trust.
The report also highlights changing customer expectations, with a growing preference for personalized, flexible, and wellness-oriented plans. Consumers tend to choose insurers based on product range and coverage, brand reputation, and availability of 24/7 customer service. Millennials place particular importance on seamless digital experiences and round-the-clock support. However, more than half of claimants report challenges with the claims process, including limited hospital networks, delays in pre-authorization, and slow payouts.
To improve customer trust, insurers need to expand network coverage, simplify pre-authorization protocols, and ensure timely settlements. Addressing these issues is critical for strengthening India’s healthcare financing ecosystem and delivering a seamless insurance experience. The report also identifies barriers for non-policyholders, including perceived lack of need, affordability, and complex terms, and suggests that simplified communication and more accessible products are necessary to expand coverage.
Overall, the report provides a timely benchmark for the industry, highlighting the need for insurers to prioritize customer experience, transparency, and innovation to build trust and loyalty among policyholders. As the health insurance sector continues to grow, understanding and addressing customer needs and expectations will be crucial for insurers to remain competitive and deliver a seamless insurance experience.
Stock Market Updates for ICICI
Recent Updates
Star Health announces new board appointments
Star Health and Allied Insurance Company, a prominent retail health insurance provider, has made significant announcements regarding key appointments and leadership updates. The company aims to bolster its executive leadership and operational capabilities with these changes. Two key elevations have been made: Amitabh Jain, the current Chief Operating Officer, has been promoted to Whole-Time Director and designated as a key managerial personnel. Jain brings over 25 years of experience in financial services, having previously been a founding member of ICICI Lombard. He joined Star Health in 2023 as COO.
Similarly, Himanshu Walia, the Chief Marketing Officer, has also been elevated to Whole-Time Director and designated as a key managerial personnel. With over 22 years of experience in the insurance sector, Walia has been an integral part of Star Health Insurance since 2007. He has played a crucial role in building the company’s brand and market presence. Prior to joining Star Health, Walia held leadership roles at ICICI Lombard and Tata AIG.
Both Jain and Walia’s appointments are subject to approval by the Insurance Regulatory and Development Authority of India (IRDAI), with their effective dates of appointment pending confirmation. These leadership updates demonstrate Star Health’s commitment to strengthening its executive team and enhancing its operational capabilities. The company’s decision to promote experienced professionals from within its ranks underscores its focus on continuity and consistency in its leadership.
The elevations of Jain and Walia are expected to have a positive impact on Star Health’s future growth and development. With their extensive experience and expertise, they are well-equipped to drive the company’s strategic initiatives and navigate the complexities of the health insurance market. As key managerial personnel, they will play a vital role in shaping the company’s direction and ensuring its continued success. Overall, these appointments reflect Star Health’s efforts to reinforce its leadership team and maintain its position as a leading player in the retail health insurance sector.
Star Health elevates COO and CMO as whole-time directors.
Star Health and Allied Insurance, a leading Indian retail health insurance company, has made a significant move by elevating its Chief Operating Officer (COO) and Chief Marketing Officer (CMO) to whole-time directors and designating them as key managerial personnel. This decision is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI). The appointments of Amitabh Jain as COO and Himanshu Walia as CMO will become effective once the necessary approval is received.
Amitabh Jain, the newly elevated COO, brings over 25 years of experience in financial services to the table. Prior to joining Star Health in 2023, he was a founding member of ICICI Lombard, where he developed a deep understanding of operational excellence and strategic growth. Jain holds an engineering degree, an MBA, and is a CFA charter holder. His expertise is expected to drive the company’s operational efficiency and strategic expansion.
Himanshu Walia, the elevated CMO, has over 22 years of experience in the insurance industry. He has been an integral part of Star Health Insurance since 2007 and has made significant contributions to building the company’s brand and market presence. Before joining Star Health, Walia held senior positions at ICICI Lombard and Tata AIG. He holds an MBA in marketing and is well-equipped to drive the company’s marketing efforts.
The elevation of these two experienced professionals demonstrates Star Health Insurance’s focus on enhancing its leadership depth and driving future growth. The company boasts a strong multi-channel distribution network, with 913 offices, over 14,000 network hospitals, and a vast network of licensed agents and financial institution partners. In the fiscal year 2025, Star Health’s gross written premium stood at Rs. 17,553 crore, with a net worth of Rs. 8,668 crore. With a robust foundation and experienced leadership, Star Health Insurance is well-positioned for continued growth and success in the Indian retail health insurance market.
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays out during a certain period. A higher claim settlement ratio indicates that the insurer is more efficient in settling claims.
According to the data, Navi General Insurance has the highest claim settlement ratio of 99.97% within 3 months in FY23-24, followed by Acko (99.91%), HDFC Ergo (99.16%), Reliance General (99.57%), and Universal Sompo (98.11%). However, while these insurers have a high claim settlement ratio, their incurred claims ratio, which refers to the proportion of premiums paid out as claims, varies. For instance, Navi General Insurance has an incurred claims ratio of 52.40%, while Acko has an incurred claims ratio of 69.57%.
On the other hand, New India Assurance and National Insurance, both public insurers, have lower claim settlement ratios of 92.70% and 91.18%, respectively. However, they have higher incurred claims ratios, with National Insurance reporting an incurred claims ratio of 95.9% and New India Assurance reporting an incurred claims ratio of 97.36%.
Among stand-alone health insurers, Star Health has the lowest claim settlement ratio of 82.31% within 3 months, while Aditya Birla Health Insurance has the highest claim settlement ratio of 92.97%. Care Health has the lowest incurred claims ratio of 57.69%, while Aditya Birla Health Insurance has an incurred claims ratio of 68.31%.
When choosing an insurance policy, it’s essential to consider not just the claim settlement ratio but also other factors such as customer service, policy exclusions, benefits, and solvency ratio. Experts recommend an incurred claims ratio between 70% and 90% to be an indicator of a good insurer in terms of claim experience and sustainability. A combination of a high claim settlement ratio and an incurred claims ratio can help narrow down a good insurance policy.
In conclusion, the claim settlement ratio is an essential metric to consider when choosing an insurance policy, but it’s not the only factor. Policyholders should also look at other benefits, customer service, and financial health of the insurer to make an informed decision.
ICICI Lombard secures a Rs 175 crore tax reprieve from the Income Tax Department.
ICICI Lombard General Insurance, a leading general insurance company, has reported a significant increase in its net profit for the quarter ended September 30, 2024. The company’s net profit for the period rose by 20% to Rs 693.95 crore, compared to Rs 577.25 crore in the same period last year.
The insurer’s gross direct premium income, which is a key indicator of its business performance, also saw a significant uptick, increasing by 10.4% year-on-year to Rs 6,721 crore. This growth in premium income is attributed to the company’s strategic initiatives, including the expansion of its distribution channels and the launch of new products.
The company’s total income for the quarter also saw an increase, rising to Rs 5,850 crore from Rs 5,049 crore last year. This growth is a reflection of the company’s increased ability to generate revenue from its diverse range of products and services.
The company’s net claims ratio, which is a key metric for insurance companies, remained relatively stable at 71.4%. This indicates that the company has been able to maintain a balance between paying out claims to its customers and generating profits.
Overall, ICICI Lombard General Insurance’s strong financial performance is a testament to the company’s effective business strategies and its ability to adapt to the evolving market conditions. With its robust distribution networks and wide range of products, the company is well-positioned to continue to grow its business and meet the changing needs of its customers.
ICICI Lombard’s #GameOfLife inducted into the Impact’s Hall of Fame.
ICICI Lombard, a leading general insurance company in India, is proud to announce that its innovative “Game of Life” campaign has been featured in Impact’s “Hall of Fame” – Top 50 Ads of 2024. This prestigious recognition celebrates the most impactful campaigns across industries, with ICICI Lombard being one of the few BFSI (Banking, Financial Services, and Insurance) campaigns to be recognized.
The campaign, which blends the thrill of gaming with the realities of life’s uncertainties, presents insurance as a empowering tool to navigate challenges. The campaign’s success can be seen in its ability to engage audiences across platforms, with over 150 million people reached, 45.54 million views, and 120k+ meaningful engagements. The campaign has also seen significant success on social media platforms, with 72+ million impressions and a #1 trend on Meta (formerly Twitter) with over 3,500 retweets.
The campaign’s creative and innovative approach has not only driven awareness but also delivered tangible business outcomes, with a 36% increase in traffic on the campaign-landing page and a 17% rise in quotes for ICICI Lombard’s insurance products. This demonstrates the campaign’s effectiveness in engaging audiences and driving meaningful actions, reflecting the strategic integration of creativity and business objectives.
Sheena Kapoor, Head of Marketing, Corporate Communications & CSR, ICICI Lombard, commented on the recognition, stating that it is a “proud validation of our efforts to challenge the conventions of insurance marketing.” The campaign is a testament to the company’s commitment to connect with audiences in ways that are relatable, meaningful, and innovative. The company planned to engage millennials and Gen Z with an approach that reflects their world, leveraging the universality of gaming to communicate the vital role of insurance.
The “Game of Life” campaign is a result of ICICI Lombard’s commitment to innovation, leveraging gamification to redefine the perception of insurance and position the brand as a tech-centric ally that empowers individuals to make healthier choices while staying protected from unforeseen events. This accolade underscores the company’s dedication to delivering differentiated and meaningful communication that resonates with consumers, and its mission to enhance its brand equity through creative, relatable, and forward-thinking initiatives.
ICICI Lombard anticipates a steady capital base in the medium term.
ICICI Lombard General Insurance Company Limited, a leading insurance firm, has been recognized by AM Best, a credit rating agency, for its strong financial performance and risk-adjusted capitalization. The company’s risk-adjusted capitalization is expected to remain at the strongest level in the medium term, backed by its financial flexibility and ability to raise capital. The company’s investment portfolio, while moderate-risk, includes exposure to higher-risk assets such as equities and unrated fixed-income securities.
The company’s operating performance has been strong, with a five-year average return-on-equity of 17.6% for the 2020-2024 period. Investment income, including capital gains, has offset underwriting losses. Although underwriting performance improved slightly in fiscal year 2024 due to lower motor and health insurance claims, the expense ratio increased. The company has also made progress in remediating its underwriting margins in early fiscal year 2025.
Additionally, ICICI Lombard is expected to enhance its underwriting risk selection through the use of technology and analytics. However, ongoing market competition may challenge its technical margins. Overall, AM Best’s assessment indicates that ICICI Lombard’s strong financial performance and risk-adjusted capitalization position it well for the future, despite the challenges it may face.
This recognition comes as ICICI Lombard continues to grow and expand its operations, and it highlights the company’s commitment to maintaining its strong financial position and underwriting standards.
ICICI Lombard Unveils AI-Powered Anthem for TripSecure+, Its Revolutionary Travel Insurance Solution
ICICI Lombard has launched an AI-generated anthem for its travel insurance solution, TripSecure+, which is being played on RadioOne and on the company’s social and digital platforms until March 31. This innovative move marks a new direction in the insurance industry, aiming to make insurance more immersive, relatable, and engaging for modern travelers.
According to Sheena Kapoor, Head of Marketing, Corporate Communication, and CSR at ICICI Lombard, the launch of the AI-generated song is not just a creative experiment but a bold step towards redefining the perception of insurance. The company aims to blend technology, music, and storytelling to create deeper emotional connections with customers. TripSecure+ is not just a travel insurance plan, but a reassurance that provides coverage for travelers, no matter where they go.
TripSecure+ is an AI-powered travel insurance solution that offers several features, including visa rejection protection, adventure sports coverage, car rental protection, and pre-existing condition cover. By using AI and digital engagement, ICICI Lombard is pushing the boundaries of how insurance integrates seamlessly into the customer journey.
The AI-generated anthem is a unique way for ICICI Lombard to stand out in the market and showcase its innovative approach to insurance. With the rise of digital technology, the insurance industry is evolving rapidly, and ICICI Lombard is at the forefront of this transformation. By using AI-generated content, the company is making insurance more accessible, relatable, and engaging for its customers. The innovative approach aims to rebrand insurance as an experience rather than just a necessity, making it more appealing to a younger generation of customers.
ICICI Lombard’s Caring Hands illuminates a brighter future for the young generation of India
ICICI Lombard’s Caring Hands CSR initiative has launched a new campaign to highlight the often-overlooked issue of vision problems affecting millions of schoolchildren in India. The campaign, which is a 100% employee volunteering initiative, aims to raise awareness and encourage solutions to improve children’s sight and future prospects. A powerful story is shared, highlighting the daily struggles of a young student who is unable to see clearly, affecting their academic performance and self-esteem.
According to the World Health Organization, 3.4 million children in India suffer from undiagnosed vision issues. The Caring Hands campaign aims to bring attention to this issue and promote change. The initiative has already made a significant impact, with over 500,000 children tested, 50,000 spectacles provided, and 100% employee volunteering demonstrating corporate India’s commitment to social change.
The campaign is not just about conducting eye tests and providing spectacles, but about bringing to light the invisible struggles of millions of children in India. The initiative incorporates employee volunteering, where ICICI Lombard employees work alongside ophthalmologists to coordinate with schools and ensure children receive prescribed spectacles. The Caring Hands campaign shows that corporate intervention can make a significant difference in addressing critical healthcare challenges faced by India’s young population. As Sheena Kapoor, Head of Marketing, Corporate Communications and CSR at ICICI Lombard, notes, “Caring Hands is not just about eye check-ups; it’s about bringing invisible struggles to light.”
ICICI Lombard hit with ₹273-crore tax demand for settling motor insurance claims under GST.
ICICI Lombard General Insurance Company Limited has received a tax demand of ₹273,44,50,284 from the Additional Commissioner of CGST & Central Excise, Palghar Commissionerate. The order relates to an industry-wide issue regarding the applicability of Goods and Services Tax (GST) on salvage and ineligible Input Tax Credit (ITC) on motor claims settled. The order has two main findings:
1. The company’s deduction of the value of scrap/salvage/wreck from motor vehicle claims payable is considered a supply under Section 7 of the CGST Act.
2. The company had mistakenly availed and utilized ITC on the strength of tax invoices issued by repairers/motor garages, in case of claims settled under the reimbursement mode.
The company had deposited an amount of ₹104,13,18,970 under protest, which was disclosed in its financial statements for the financial year ended March 31, 2024. The order seeks to appropriate this amount, which has been deposited by the company without accepting any liability. This development may impact the company’s financial performance and its relationship with its stakeholders. The issue is likely to set a precedent for the insurance industry, and other companies may need to re-evaluate their practices and compliance with GST regulations.