ICICI Lombard, a private insurance company that is based in India, recently announced plans to expand its microinsurance product line and presence in the agriculture microinsurance sector. ICICI Lombard first introduced an index-based weather crop insurance product in 2003. The organization, which also offers health microinsurance, currently offers policies that cover twenty-six different crop types in fourteen states. Part of ICICI Lombard’s plans is to increase that geographic range.
The National Insurance Regulatory and Development Authority estimates that approximately 24 million farmers were insured under the national agriculture insurance program in 2010, covering approximately INR 386 billion (USD 8.58 billion) worth of crops and bringing in revenues that totaled approximately INR 11.5 billion (USD 257 million).
ICICI Lombard was established as a joint venture between ICICI Bank Limited, an Indian banking and financial services company, and Fairfax Financial Holdings Limited, a Canada-based financial services company that specializes in general insurance. ICICI Bank holds a 74-percent stake in the firm. As of March 2009, ICICI Lombard reported total after-tax profit of INR 236 million (USD 5.2 million).
By Julie Moksim, Research Associate
About ICICI Lombard: ICICI Lombard is a private nonlife insurance company that is based in India. The organization was established as a joint venture between ICICI Bank Limited, an Indian banking and financial services company and Fairfax Financial Holdings Limited, a Canada-based financial services company that specializes in general insurance. ICICI Bank holds a 74-percent stake in the firm. ICICI Lombard had 350 branches as of 2010. Its insurance products include health, travel, personal accident, and home. As of March 31, 2010, the company reported gross written premiums (GWP) of INR 36 billion (USD 806 million).
About ICICI Bank Limited: ICICI Bank Limited, a banking and financial services company in India, operates 2,035 branches and 5,518 ATMs in India and 18 other countries in Europe, Asia, the Middle East and North America as of 2010. ICICI Bank offers personal banking, business banking, agricultural banking, investment banking, life and non-life insurance, venture capital and asset management services. As of March 31, 2010, ICICI Bank reports total assets of INR 3.64 trillion (the equivalent of USD 78.6 billion).
Sources and Additional Resources:
Insurance Newsnet: “ICICI Lombard Eyes Untapped Agriculture Sector for Microinsurance Growth In India”, March 23, 2011, http://insurancenewsnet.com/article.aspx?id=253104
MicroCapital.org Brief, September 8, 2010: Punjab National Bank of India Reports Increase in Net Profit, Plans to Increase Deposits and Launch Microinsurance Product, https://www.microcapital.org/microcapital-brief-punjab-national-bank-of-i…
MicroCapital.org Brief, September 6, 2010: Corporation Bank of India and United India Insurance Company Limited Sign Memorandum of Understanding Regarding Marketing and Distribution of Microinsurance Products, https://www.microcapital.org/microcapital-brief-corporation–bank-of-india…
MicroCapital’s Microfinance Universe Profile: ICICI Lombard
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ICI…
MicroCapital’s Microfinance Universe Profile: ICICI Bank Limited
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ICI…
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