ICICI Lombard General Insurance Company Limited is an Indian general insurance company headquartered in Mumbai, Maharashtra. It provides a range of non-life insurance products covering motor, health, travel, home, marine, fire, engineering, liability and rural insurance, along with reinsurance services. It is one of the largest private sector general insurers in India and is listed on the BSE and NSE.
| Name | ICICI Lombard General Insurance Company Limited |
|---|---|
| Industry | General insurance |
| Headquarters | Mumbai, Maharashtra, India |
| Country | India |
| Products | Motor, health, travel, home, marine, fire, liability, rural and commercial insurance |
| Parent / Promoter | ICICI Bank |
| Listing | BSE, NSE |
| Regulator | Insurance Regulatory and Development Authority of India (IRDAI) |
The company was originally formed as a joint venture between ICICI Bank, one of India's largest private sector banks, and the Fairfax Financial Holdings group of Canada, through its subsidiary Lombard Canada. The "Lombard" element of the name reflects this earlier partnership. The company commenced operations after the opening up of the Indian insurance sector to private participants following the Insurance Regulatory and Development Authority Act, 1999.
It operates under the regulatory framework of the Insurance Regulatory and Development Authority of India (IRDAI), which oversees licensing, solvency, product approvals and market conduct of insurers in India.
ICICI Lombard's portfolio spans retail and corporate segments. Major lines of business include:
The company distributes its products through a multi-channel network comprising bancassurance partnerships, agents, brokers, direct sales and digital channels, including its website and mobile application.
ICICI Lombard launched an initial public offering in 2017 and was listed on the Bombay Stock Exchange and the National Stock Exchange of India, becoming among the first Indian non-life insurers to list on the stock exchanges. In subsequent years, the company expanded through organic growth and through the integration of the general insurance business of Bharti AXA, which combined the two operations under the ICICI Lombard brand.
As a major private general insurer, ICICI Lombard plays a role in the development of risk transfer markets in India, particularly in motor and health insurance, which are among the largest segments of the country's non-life insurance market. The company also participates in government-led insurance initiatives in the rural and crop insurance segments, contributing to insurance penetration outside metropolitan markets.