ICICI Lombard to cross Rs 5,000cr premium collection in FY12

ICICI Lombard is likely to cross the Rs 5,000-crore mark in premium collection in the current financial year on the back of sound growth in health and motor insurance segments, a top executive of the leading private general insurer has said.

"We are hopeful of crossing Rs 5,000 crore in gross written premium collection (GWP) in the current fiscal and also expect to clock a 20-25 per cent growth in overall business for the next three to four years," Executive Director of ICICI Lombard Neelesh Garg told PTI here.

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The company had a GWP of Rs 4,252 crore during the last financial year.

Garg said the growth in premium collection were attributed to sound performance across all segments, especially health and motor.

While health insurance constitutes more than 25 per cent of the total portfolio, motor segment is around 40 per cent of the business of the general insurance player.

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Referring to growth rate in health insurance, Garg said the insurer is witnessing upward of 20 per cent expansion in the segment and is likely to maintain the momentum.

The company, which is present in Government, corporate and individual health insurance spaces, has a loss ratio of less than 100 per cent in group mediclaim policy, which is one of the most loss-making segments of the industry.

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About margin pressure in health insurance, Garg said, "There is no pressure as the market is too big in India and penetration is very less. So, there is scope for every player in the market place." (MORE)