Select Page

The Delhi State Commission finds ICICI Lombard guilty of deficiency in servicing after wrongfully rejecting an insurance claim, holding them liable as a result.

The Delhi State Commission, presided over by Justice Sangita Dhingra Sehgal and Pinki, held ICICI Lombard General Insurance liable for deficiency in service and rejected the insurer’s claim that the complainant’s failure to strictly adhere to procedural formalities was a valid reason to dismiss the claim.

The complainant had taken out a car insurance policy with ICICI Lombard General Insurance, which was due to expire. After an accident, the complainant submitted a claim, but the insurer failed to process it, despite multiple follow-ups and a legal notice. The District Commission allowed the complaint and ordered the insurer to refund a sum of Rs. 2,40,331 with 10% interest, pay Rs. 5,000 for compensation, and Rs. 5,000 as litigation costs.

The insurer, ICICI Lombard, appealed against the decision, claiming that the complainant had not notified them of the accident as per the policy terms. They argued that no claim was recorded in their system and emphasized the procedural requirements for filing claims, which they claimed the complainant did not fulfill.

The State Commission disagreed with the insurer’s contentions, stating that the complainant had promptly lodged an FIR and sent a legal notice, which the insurer did not deny receiving. The Commission held that the complainant’s failure to strictly adhere to the procedural requirements did not justify the dismissal of the claim. In support of this decision, the Commission cited relevant case law, specifically Reliance General Insurance Co. Ltd. vs. Ram Awadh Singh and Oriental Insurance Co. Ltd. vs. Rajinder Singh, which emphasized that the complainant’s actions were sufficient to establish compliance.

Ultimately, the State Commission Upheld the District Commission’s decision, ruling that ICICI Lombard General Insurance had committed a clear deficiency in service and ordering the insurer to comply with the earlier order.

Here is a rewritten version of the quote:The Union Budget 2025 marks a significant milestone in India’s insurance industry, paving the way for a defining era ahead, said Sanjeev Mantri, Managing Director and Chief Executive Officer at ICICI Lombard.

The Union Budget 2025 has led to a mix of reactions in the insurance sector, with some experts hailing it as a major turning point in India’s insurance evolution. Sanjeev Mantri, MD & CEO of ICICI Lombard, has stated that the budget heralds a defining phase in India’s insurance journey, given the significant relaxation of foreign direct investment (FDI) rules.

As per the new regulations, the FDI limit for the insurance sector has been increased from 74% to 100%. This move is expected to attract more global investors and encourage competition, ultimately leading to better services and products for consumers. However, not everyone is in favor of the change, with some experts expressing concerns about the potential impact on the insurance industry’s growth and employment.

The Institute of Chartered Accountants of India (ICAI) has raised red flags over the increased FDI limit, citing concerns about the sector’s regulatory framework and the potential for market manipulation. Some industry experts believe that the relaxation of FDI rules could lead to a lack of control and increased risk for the sector.

The government, however, has emphasized that the move is designed to attract more investment and promote competition, which would ultimately benefit the consumer. The Cabinet is also set to discuss the Insurance Act Amendment Bill, which is expected to further liberalize the insurance sector and pave the way for more foreign investment.

The increase in FDI cap is expected to have a significant impact on the insurance sector, with experts predicting a surge in the number of foreign players entering the market. This could lead to increased competition, which would drive innovation and better services for consumers. However, the exact implications of the new regulations remain to be seen, and only time will tell whether this move will bring about the desired changes in the insurance sector.

Overall, the budget’s relaxation of FDI rules in the insurance sector has sparked a mix of reactions, with some experts hailing it as a positive step towards greater competition and others expressing concerns about its potential impact on the industry’s growth and employment.

TATA AIG General Insurance names Amit Ganorkar as its new Managing Director and Chief Executive Officer.

Tata AIG General Insurance, a joint venture between Tata Sons and American International Group (AIG), has announced the appointment of Amit Ganorkar as its new Managing Director and Chief Executive Officer (MD & CEO). Ganorkar, a seasoned insurance professional with over 25 years of experience, takes over the reins of the company from Alan Kellock, who had been serving as the MD & CEO since 2015.

Ganorkar has extensive experience in the insurance industry, having worked with various top companies, including ICICI Lombard, Bharti AXA, and Citibank. His most recent stint was as the Chief Operating Officer (COO) of ICICI Lombard, where he was instrumental in driving business growth and transformation.

As the new MD & CEO of Tata AIG General Insurance, Ganorkar will be responsible for leading the company’s strategic direction, driving business growth, and enhancing customer experience. His broad experience in the insurance sector, coupled with his leadership skills, will be critical in navigating the company through the current market dynamics and emerging trends.

Ganorkar’s appointment is seen as a significant move by Tata AIG General Insurance to bolster its leadership and drive business growth. His expertise in general insurance, together with his ability to build and lead high-performing teams, will be an asset to the company.

Ganorkar’s vision for the company is to build a strong and sustainable business, focused on customer-centricity, innovation, and digital transformation. He plans to leverage technology to enhance customer experience, improve operational efficiency, and develop new revenue streams.

Under his leadership, Tata AIG General Insurance is expected to focus on growth, innovation, and digital transformation, while maintaining its commitment to customer service and social responsibility. Ganorkar’s appointment is also seen as a step towards strengthening Tata AIG’s position as a leading general insurance player in India.

In a statement, Ganorkar said, “I am thrilled to take on this new role and lead Tata AIG General Insurance. I am confident that my experience and expertise will help drive the company’s growth and success, while upholding its values and commitment to customers.”

The appointment of Ganorkar is effective from January 1, 2023, and he will report to the Tata Sons group.

ICICI Lombard, India’s leading insurer, surpasses Q3 profit expectations driven by strong performances in health and motor insurance segments.

Here is a 400-word summary of the content:

ICICI Lombard, a leading general insurance company in India, has reported a significant increase in its quarterly profit, beating market estimates. The company’s net profit for the quarter ended December 31, 2020, soared 68% to Rs 724 crore (approximately $97 million), driven by a lower claims ratio in its health and motor insurance businesses.

The company’s strong performance has been attributed to a combination of factors, including a decline in claims ratio, which dropped to 86.4% in the current quarter from 91.4% in the same quarter last year. Additionally, ICICI Lombard’s health and motor insurance businesses have been witnessing growth, contributing to the company’s improved profitability.

The company’s health insurance business has been driven by a surge in demand for health insurance policies, particularly in the wake of the COVID-19 pandemic. The motor insurance segment, on the other hand, has been boosted by an increase in demand for own damage policies and a higher renewal rate.

The company’s performance has been well-received by analysts, with Emkay Global Financial advising investors to reduce their exposure to ICICI Lombard, citing a target price of Rs 2000. However, ICICI Lombard has received a positive outlook from another analyst who expects the company to benefit from a favorable market and yield higher profitability.

The company’s strong performance has also led to a rating upgrade by brokerage firm, CRISIL, which has upgraded ICICI Lombard’s long-term rating to “M+, indicating high creditworthiness.

Overall, ICICI Lombard’s robust performance is a testament to its ability to navigate the challenges posed by the pandemic, while capitalizing on opportunities in the insurance space. As the Indian economy begins to recover, ICICI Lombard is well-positioned to grow its business and continue to deliver strong financial results.

Here is a rewritten version of the line without adding extra words:Anckur Anil Kanwar joins BAGIC as its Chief Financial Officer (CFO).

Bajaj Allianz General Insurance has announced the appointment of Anckur Anil Kanwar as its new Chief Financial Officer (CFO), effective February 1, 2025. He replaces Ramandeep Singh Sahni, who has moved to Bajaj Finserv Limited as its CFO. Kanwar brings over 20 years of experience in the insurance sector, with expertise in finance, reinsurance, and underwriting. In his new role, he will oversee financial matters at the company and business vertical levels, providing strategic input to achieve optimal outcomes for the organization. Before joining Bajaj Allianz, Kanwar held leadership roles at ICICI Lombard, where he served as Deputy CFO. He is also a Chartered Accountant from the Institute of Chartered Accountants of India. With his extensive experience and expertise, Kanwar is well-equipped to lead the company’s financial governance and drive strategic growth. His appointment is seen as a significant development, with potential to continue the company’s strong track record of financial performance and strategic decision-making. Under his leadership, Bajaj Allianz General Insurance is expected to further strengthen its position in the market and achieve its objectives.

ICICI Lombard faces a Goods and Services Tax (GST) demand of ₹273 crore for its motor claims settlement, according to ET LegalWorld.

Here is a summary of the content in 400 words:

ICICI Lombard General Insurance Company Limited has received a tax demand notice from the Additional Commissioner of Central Goods and Services Tax (CGST) & Central Excise, Palghar Commissionerate. The order confirms a tax demand of ₹273,44,50,284, including interest and penalty, for the period July 2017 to March 2022. This relates to an industry-wide issue regarding the applicability of GST on salvage and ineligible Input Tax Credit (ITC) for motor claims settled.

The order holds that the deduction of the value of scrap/salvage/wreck from motor vehicle claims payable by the company constitutes a supply in terms of Section 7 of the CGST Act. Additionally, the company had incorrectly availed and utilized ITC on the strength of tax invoices issued by repairers/motor garages in their name for claims settled under the reimbursement mode. The company had deposited an amount of ₹104,13,18,970 under protest without accepting any liability, which was disclosed in its financial statements for the financial year ended March 31, 2024.

The order seeks to appropriate the amount of ₹104,13,18,970 deposited under protest by the company. The company had raised this issue, and the authority has now given a final verdict. This means that the company will have to pay the taxes and penalties mentioned in the order. The industry is likely to be impacted by this order, as it could lead to increased tax liabilities and penalties for companies that have availed ITC incorrectly.

Overall, the order highlights the importance of accurate availing and utilization of ITC and the consequences of incorrect accounting practices. The company will have to take immediate action to settle the tax demand and adjust its financial records accordingly.

Insurance stocks, including LIC and ICICI Lombard, surge in value as Finance Minister announces landmark decision to open insurance sector to 100% Foreign Direct Investment.

The Indian insurance sector saw stocks like LIC India, ICICI Lombard General Insurance Company, and New India Assurance Company trade with decent gains on February 1, following Finance Minister Nirmala Sitharaman’s announcement to increase the Foreign Direct Investment (FDI) limit to 100% in the insurance sector. This move is expected to attract more foreign investments in the industry. In fact, the insurance sector received the highest FDI inflow in the service sector in the last year.

Despite having a large population, India’s insurance penetration remains low compared to international standards. With the increased FDI limit, the inflow of foreign investment is expected to increase significantly, leading to enhanced capacity and efficiency in the sector. Shiju PV, a senior partner at IndiaLaw LLP, opined that “Penetration of insurance is still at the lowest level in India compared to international standards. Hence, an increase in the FDI limit in the insurance sector can significantly increase the inflow of FDI into the country.”

The rise in stocks such as ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, and SBI Life Insurance Company during the session also reflected the optimism surrounding the sector. The increased FDI limit is likely to attract more foreign players, leading to improved services, increased competition, and better coverage for Indian consumers. This development is expected to be a positive step towards Deepening the Indian insurance market and making it more attractive to foreign investors. As a result, insurance stocks continued to trade with gains throughout the day, reflecting the optimism in the sector following the announcement.

ICICI Lombard General Insurance Company has received Demand Notices from the Brihanmumbai Municipal Corporation, dated January 16, 2025, 10:16 AM EST.

ICICI Lombard General Insurance Company Limited received demand notices from the Brihanmumbai Municipal Corporation (BMC) regarding unpaid property tax arrears for three of its offices in Lower Parel, Mumbai. As a result, a penalty of INR 12,085,992 was levied. The company initiated discussions with the concerned authority to gain clarity on the demands, which has resulted in a delay in the disclosure.

Following receipt of the demand notices, ICICI Lombard paid the outstanding property tax amount of INR 2,40,30,498 on December 31, 2024. However, the company is still evaluating its next steps regarding the alleged penalty. The penalty amount represents the maximum potential financial impact on the company, quantifiable in monetary terms.

The alleged contravention involves the non-payment of property tax under the Mumbai Municipal Corporation Act, 1888, resulting in the imposition of a penalty. The demand notices were received on August 28, 2024, and December 4, 2024.

PhonePe and ICICI Lombard introduce a special insurance policy for Maha Kumbh Mela attendees

Here is a summary of the content in 400 words:

PhonePe, a leading digital payments platform in India, has partnered with ICICI Lombard General Insurance to offer specialized insurance coverage for attendees of the Maha Kumbh Mela, to be held in Prayagraj, Uttar Pradesh, from January 13 to February 26, 2025. This partnership aims to provide comprehensive and affordable protection for millions of devotees participating in this significant spiritual gathering.

The insurance plan, available on the PhonePe app, offers coverage options for train or bus travelers (Rs. 59 per traveler) and domestic flight travelers (Rs. 99 per traveler). The coverage period is from January 13 to February 26, 2025. The plan includes various coverage inclusions, such as hospitalization (up to Rs. 50,000), outpatient department (OPD) treatment (up to Rs. 1,500), personal accident cover (up to Rs. 1 lakh, including death and permanent total disability), trip cancellation (up to Rs. 5,000), repatriation of remains (up to Rs. 10,000), and loss of checked-in baggage (up to Rs. 5,000 for domestic flight travelers) or missed connecting flight (up to Rs. 5,000 for domestic flight travelers).

To avail the insurance plan, users can open the PhonePe app, navigate to the “Insurance” section, select “Maha Kumbh” Insurance, review product details, and click on “Buy now.” They can then choose the plan based on their mode of travel and enter traveler details, and complete the payment process to activate the coverage.

The insurance plan is available for purchase until February 25, 2025, ensuring coverage throughout the duration of the Maha Kumbh Mela. PhonePe and ICICI Lombard are well-established players in the Indian market, with over 580 million registered users and a comprehensive range of insurance products, respectively. This partnership aims to make insurance more accessible and affordable for the millions of people attending the Maha Kumbh Mela.

Wipro, Tech Mahindra, and ICICI Lombard are set to release their Q3 earnings today, with estimates indicating…

This article reports on the third-quarter earnings announcements of three Indian companies: Wipro Ltd., Tech Mahindra Ltd., and ICICI Lombard General Insurance Co. The consensus estimates of analysts tracked by Bloomberg suggest that Wipro will report a profit of Rs. 3,057.40 crore and revenue of Rs. 22,218 crore, with an EBIT (Earnings Before Interest and Taxes) of Rs. 3,628 crore and a margin of 16.33%. For the previous quarter, Wipro’s net profit rose 6.2% sequentially to Rs. 3,227 crore, exceeding the estimated Rs. 3,009 crore.

Tech Mahindra is expected to report a net profit of Rs. 1,061 crore and revenue of Rs. 13,391 crore, with an EBIT of Rs. 1,326 crore and a margin of 9.90%. In the previous quarter, Tech Mahindra’s net profit surged 45.4% year-on-year, beating analysts’ estimates, with a profit of Rs. 1,257.5 crore against the estimated Rs. 1,013 crore.

ICICI Lombard General Insurance recorded a 68% surge in net profit, reaching ₹724 crore, alongside a marginal decline in gross premium earnings.

ICICI Lombard General Insurance Company Limited released its Q3FY25 results, which showed a significant increase in net profit, rising 67.9% to ₹724.4 crore, compared to ₹431.5 crore in the corresponding period last year. The gross premium rose marginally by 0.3% to ₹6,214 crore, primarily due to a regulatory shift by the Insurance Regulatory and Development Authority of India (IRDAI) in October 2024.

The company’s return on average equity (ROAE) was 21.5%, up from 15.3% in the same period last year. ICICI Lombard’s retail health insurance and corporate health insurance segments saw a significant growth of 25% and 12%, respectively. Motor insurance premiums grew 17% to ₹2,560 crore, although the company did not provide a breakdown of premiums earned from new and old vehicles.

The solvency ratio was 2.36x as of December 31, 2024, higher than the minimum regulatory requirement of 1.50x. The combined ratio, a measure of an insurer’s losses and expenses divided by the premium earned, eased to 102.7%, indicating that ICICI Lombard is earning more through premiums relative to its claims paid and operating expenses incurred. Claims paid rose 19% year-over-year (YoY).

Overall, ICICI Lombard’s Q3FY25 results indicate a robust performance, driven by growth in capital gains, retail health insurance, and corporate health insurance. The company’s financial performance has exceeded the minimum regulatory requirements, reflecting its strong operational and financial health.

Discover the Top 5 Cashless Health Insurance Policies in India for 2025

The article discusses the benefits of having a cashless health insurance policy, which allows policyholders to receive medical treatment without worrying about arranging funds. The article highlights the 5 best cashless health insurance policies in India, including Apollo Munich Optima Restore, ICICI Lombard Health Care Plus, Religare Health Care, Max Bupa Health Insurance, and Bajaj Allianz Health Insurance Family Floater.

Cashless health insurance policies provide various benefits, including:

* Immediate hospitalization without worrying about funds
* Pre-authorization of treatment to avoid delays
* Lifetime renewal of policy
* Wide network of hospitals for cashless claims
* Coverage for alternative treatments such as Ayurveda and homeopathy

The article also discusses the types of cashless health insurance policies available, including:

* Cashless individual health insurance
* Cashless family health insurance
* Cashless health insurance for senior citizens

To purchase a cashless health insurance policy, the article suggests considering the following factors:

* Cashless claims facility available only at network hospitals
* Smooth process of filing and settling claims by the insurance company
* Time taken by the TPA for approving pre-authorization forms
* Keeping copies of documents and medical bills

Overall, the article emphasizes the importance of having a cashless health insurance policy to ensure smooth and hassle-free medical treatment during emergencies. By understanding the various types of cashless health insurance policies and their benefits, individuals can make informed decisions when choosing a policy.

Top companies like Wipro, ICICI Lombard, Tech Mahindra, and Adani Energy

Here is a summary of the article in 400 words:

Indian companies have released their quarterly earnings reports, showing a mixed picture. Wipro, a IT company, saw a 4.6% increase in its net profit to Rs 3,354 crore in the third quarter, with revenue growing by 0.1% to Rs 22,319 crore. ICICI Lombard General Insurance Co., on the other hand, saw a 67.9% increase in its net profit to Rs 724 crore, driven by a 17.2% increase in its net premium income to Rs 5,045 crore.

Tech Mahindra, a leading IT company, reported a 21.4% decrease in its net profit to Rs 983 crore, with revenue decreasing by 0.2% to Rs 13,286 crore. However, the company’s EBIT increased by 5.4% to Rs 1,350 crore, and its margin increased to 10.2% from the previous quarter’s 9.6%.

In the hospitality sector, Indian Hotels Co. reported a 32.6% increase in its net profit to Rs 633 crore, driven by a 29% increase in revenue to Rs 2,533 crore.

Other companies that have reported their earnings include Adani Energy Solutions, which signed an agreement to acquire a prime piece of land in Mumbai for Rs 475 crore; DLF, which has received approval from the NCLT for the merger of seven subsidiary companies; Ramkrishna Forgings, which reported a 14.7% increase in its net profit to Rs 99.6 crore; and Minda Corporation, which has acquired a 49% equity stake in Flash Electronics Pvt.

In other news, Ashapura Minechem has entered into a long-term agreement with China Railway to develop a bauxite deposit in Guinea, and Bank of India is set to deliberate on a proposal to raise funds through the issuance of long-term infrastructure bonds at its upcoming meeting. Overall, the quarterly earnings reports of Indian companies reflect a mixed performance, with some companies reporting significant increases in their profits and revenues, while others have seen a decline.

ICICI Lombard Reports 68% Surge in Q3 Net Profit, Reaching Rs 724 Crore

ICICI Lombard, a leading general insurer in India, has reported a significant increase in its net profit for the quarter ending December 2024. The company’s net profit rose by 68% to Rs 724 crore, up from Rs 431 crore in the same period last year. Despite a decline in its gross direct premium income, which fell to Rs 6,214 crore from Rs 6,230 crore in the year-ago period, the company’s solvency ratio remains strong, standing at 2.36x as of December 31, 2024. This is higher than the minimum regulatory requirement of 1.50x and also compared to 2.65x as of September 30, 2024.

The increase in net profit is a positive sign for ICICI Lombard, indicating that the company’s business is growing and profitable. The decline in gross direct premium income may be due to various factors, such as a competitive market or a decline in demand for certain types of insurance products. However, the company’s strong solvency ratio suggests that it has a healthy financial position and is well-equipped to weather any potential economic downturns.

ICICI Lombard’s results are a testament to the company’s commitment to providing high-quality insurance products and services to its customers. The company has a wide range of products, including health, motor, and property insurance, and has a strong distribution network across the country. Its strong financial performance is likely to boost investor confidence and pave the way for future growth and expansion.

Our health insurance offerings include Ultimate Care, Elevate, and Super Star – a trio of plans that provide diverse benefits to meet your unique needs.

Health insurance providers are getting innovative, offering jumbo benefits to customers. After ICICI Lombard’s ‘Elevate’ and Star Health Insurance’s ‘Super Star’, Care Health Insurance has launched ‘Ultimate Care’, a policy that provides “premium payback” – a unique benefit that refunds the first year’s premium if no claims are made in five consecutive years. These three plans offer unique features to insured individuals. Here are some key benefits:

* Care Health’s ‘Ultimate Care’: Offers unlimited cover, premium payback, tenure multiplier, loyalty boost, infinity bonus, unlimited automatic recharge, and instant cover.
* ICICI Lombard’s ‘Elevate’: Provides infinite sum insured, power booster, jumpstart, reset benefit, and freeze benefits.
* Star Health’s ‘Super Star’: Offers freeze your age, limitless care, quick shield, and automatic restoration of sum insured.

Some of the new features include:

* Infinity bonus, which provides a flat 100% of the base sum insured on a cumulative basis, over and above the sum insured accrued as a cumulative bonus, for each completed and continuous policy year.
* Tenure multiplier, which allows the annual sum insured of the policy to be combined across the entire policy period for a single claim.
* Premium payback, which refunds the first year’s premium if no claims are made in five consecutive years.
* Loyalty boost, which provides an additional 100% of the sum insured as a loyalty boost if no claims are made for seven consecutive years.

These innovative plans aim to provide customers with enhanced coverage, flexibility, and protection. Insured individuals can choose the policy that best suits their needs, and these plans can help provide peace of mind in an uncertain world.