ICICI Lombard General Insurance, India’s
largest private sector insurance company, has released the key trends for 2013
and its outlook for 2014 for the Motor insurance segments.
Mr. Sanjay Datta, Chief – Underwriting and
Claims, ICICI Lombard General Insurance told : ‘Being the largest
private sector General insurance company, we believe it is imperative for ICICI
Lombard to be ahead of the industry curve in terms of identifying consumer
trends and imbibing the same in our product and customer service proposition.
The year 2013 saw the industry take initiatives across the product portfolio
that resulted in the sector registering sizeable growth despite prevailing
macro headwinds.”
Motor Insurance
· Turn-around in Petrol: Diesel car sales in
Small and Mid size cars. Petrol cars
witnessed positive shift of 7 % in Q1 – FY 2013-14
· Amid slowdown, Two wheelers (3 % to 4
%) and Pre-owned cars (20 %) witnessed high growth this year
· Motor Insurance bucked the industry decline
trend led by increase in liability premium and launch of new add-on covers
· Add-on covers gained traction in 2013 (50 %
new cars sold with Add-on covers)
o Zero depreciation, Road
Side Assistance, Return to Invoice witnessed high consumer demand
Among the key trends likely to emerge/
strengthen in 2014 include:
· SUV, High end Two wheelers and LCV will drive
growth in the Auto segment in 2014
· Industry focus will persist on specific Add-on
covers
o Road Side Assistance, Engine Protect, Voluntary
Deductible
· Improvement in claims settlement process time:
87% cases settled within one month (FY 2012-13) compared to 90% in FY 2013-14
(Apr – Sept)
 |
| Mr. Sanjay Datta, Chief – Underwriting and Claims, ICICI Lombard General Insurance |
Commenting on the outlook for 2014,
Mr. Sanjay Datta said
“We believe that the year 2014 would be better in terms of growth across the
health and motor insurance segment. Apart from macro economic factors, the
industry is poised to enhance its value proposition across the product and
service spectrum. It should be an exciting year for Health and Motor insurance
customers.”
About ICICI Lombard General Insurance Company Ltd.
ICICI Lombard GIC Ltd.
is a joint venture between ICICI Bank Limited, India's second largest bank with
total assets of over USD 99 billion at March 31, 2013 and Fairfax Financial
Holdings Limited, a Canada based USD 37 billion diversified financial services
company engaged in general insurance, reinsurance, insurance claims management
and investment management. ICICI Lombard GIC Ltd. is the largest private sector
general insurance company in India with a Gross Written Premium (GWP) of Rs
64.20 billion for the year ended March 31, 2013. The company issued over 9.18
million policies and settled over 5.07 million claims as on March 31, 2013.
ICICI
Lombard received the highest rating in terms of overall customer satisfaction
as well as ‘The most Recommended Company’ in a 2013 survey to assess Customer
satisfaction and Quality of Health insurance in India, commissioned by Dept. of
Consumer Affairs, Ministry of Consumer Affairs. The company has also been conferred
the "ASTD BEST Award 2012" for Learning and Development, "Porter
Prize 2012" for creating Shared Value, "Golden Peacock Award
2012" for Corporate Social Responsibility and "Golden Peacock
Innovation Award-2010" for Rashtriya Swasthya Bima Yojana. It also
received the "Product of the Year" award in the General Insurance
category for FY2012-13 and was voted the No 1 Health Insurance Product in a
survey of 18,000 people over 23 cities in India, a study done by Nielsen. The
company has been conferred with 'Celent Asia Insurance Technology Award 2012'
under the category Best Mobile Applications. More details are available on the
website www.icicilombard.com
ICICI Lombard General Insurance Company Ltd.
ICICI Lombard House,
414, Veer Savarkar Marg,
Prabhadevi,
Mumbai 400025
Tel: (022) 61961000
www.icicilombard.com
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