The Delhi Consumer Forum has directed ICICI Lombard General Insurance company to pay a compensation of Rs.50,000 as damages for harassment caused to its policyholder during the cashless claim process.

This incident comes as a big blow to India’s leading private non-life insurance company because the company has worked hard over the years to streamline its claim processes, meet customer expectations and retain the No.1 position. Mr. Satya Prakash who holds the ICICI Lombard health insurance...  Read More »

Insurance Regulatory and Development Authority (IRDA) has released the business figures of all general or non-life insurance companies in India. For the month July 2011, these companies have collectively recorded an 18.5% growth over their premium collections in July 2010.

New India Assurance, the country’s largest non-life insurer, has collected Rs 707.15 crore for the month of July this year, with a growth of 18.2% over its collections in July last year. The other 3 public sector insurance...  Read More »

ICICI Lombard has bagged the contract to extend its health insurance scheme that will cover over 3.5 lakh households in Goa.

The deal was finalized through a bidding process where six other insurance companies participated. This included companies like National Insurance, Royal Sundaram and Tata AIG. ICICI Lombard out bid these insurers by quoting the lowest premium for implementing this scheme.

The scheme was launched by Chief Minister of Goa, Digambar Kamat under which every household...  Read More »

General insurance companies ICICI Lombard, IFFCO Tokio, Royal Sundaram, Bajaj Allianz, New India Assurance and National Insurance failed to comply with the guidelines laid down by the Insurance Regulatory and Development Authority (IRDA).

These six insurance companies had granted licenses to five group entities belonging to the same promoter entity M/s Maruti Suzuki India Ltd group, to act as corporate agents on their behalf.

Corporate agent means a company or firm which holds a license to...  Read More »

Private and public general insurance companies have submitted their business figures for the month of April 2011 to Insurance Regulatory and Development Authority (IRDA).

 
The collective business done by private non-life or general insurance companies in the month of April is Rs 2,296 crores. This includes companies like ICICI Lombard, HDFC ERGO, Royal Sundaram, Tata AIG, Reliance General, Bajaj Allianz General, Chola MS, Future Generali.

On the other hand the four public sector general...  Read More »

Domestic and overseas travel insurance cover will be provided by ICICI Lombard to passengers travelling by Air India.

In an exclusive tie-up, ICICI Lombard will issue Group Travel Insurance Policy to Air India Express customers travelling within India and overseas.

Travel insurance cover ensures safety and well-being of customers. Group Travel Insurance cover is an instant online travel policy and it can simultaneously be bought while booking flight tickets on the airline’s website. The...  Read More »

Insurance companies, weather risk researchers, policy makers and experts will be attending a two day seminar at Administrative Staff College of India, Hyderabad, starting today.

 
Farmers and agriculturalists worldwide, face a huge risk of uncertainty of crop yields due to extreme weather conditions. In India, this risk is particularly high due to the poor economic conditions of farmers. Index based weather risk insurance is an important risk mitigation tool which will be discussed at the...  Read More »

The Mahatma Gandhi Bunkar Bima Yojana (MGBBY) and Health Insurance Scheme (HIS) was launched by the Government for the welfare of the Handloom weaver’s. The aim was to cover 66,66,665 weavers during the period 2007-08 to 2011-12 including maximum renewal cases each year. All weavers, whether male or female, between the age group of 18 and 59 years are eligible.

In Uttarakhand, only 872 weavers have taken insurance from LIC under the MGBBY. This is a concern as there is not enough...  Read More »

ICICI Lombard General Insurance Company Ltd has been directed to provide insurance for weather-based crops.   The crop insurance will cover the Rabi season (2010-11) in 5 districts of Karnataka. These 5 districts are Kopal, Bijapur, Chitradurga, Yadgir and Chikkballapur.

The crops covered under the Rabi season are mango, jowar, wheat, potato, bengal gram and grapes. The production of these crops is mainly dependent on the weather conditions hence; this insurance would provide cover against...  Read More »