ICICI Lombard General Insurance

What ICICI Lombard General Insurance does

ICICI Lombard General Insurance Company Limited is one of India's largest private-sector general insurers, incorporated in 2000 as a joint venture between ICICI Bank and Fairfax Financial Holdings and listed on the NSE and BSE (ticker: ICICIGI). Headquartered in Mumbai with 340+ branches and 10,000+ employees, the company has served over 500 million customers cumulatively over 25 years and issued 37.57 million policies in FY25 alone. It is promoted by ICICI Bank and operates across retail, SME, and corporate segments.

The company offers a multi-line insurance portfolio spanning motor (car and two-wheeler), health, travel, home, SME, corporate, crop, and specialty lines including cyber and drone insurance. Core product revenue is generated through annual or per-trip insurance premiums, supplemented by investment income on insurance float. Distribution combines 25,000 newly added agents, bancassurance through ICICI Bank and third-party banks (e.g., Karnataka Bank), direct enterprise sales, PoSPs, and digital self-serve via the IL TakeCare app (21M+ downloads) and the RIA WhatsApp and website chatbot. A 15,200-strong network garage base and 11,000+ network hospitals anchor the cashless claims experience. Pricing is product-specific and quote-based; third-party motor premiums are IRDAI-regulated, while retail health and travel premiums have been GST-exempt since 22 September 2025.

Underlying technology is built around an AI-powered claims and service stack: computer vision for motor damage self-inspection, anomaly-detection for fraud (validated by the Karnataka fraud-network case), the RIA conversational AI, and generative-AI features in the IL TakeCare app (face-scan health vitals, driving insights, fitness tracking). The platform supports instant motor claims, 1-hour cashless health pre-authorization, 15-day reimbursement settlement, and the Service Assure 30-minute roadside assistance promise. Strategic priorities include scaling the multi-line retail model, deepening health and cyber verticals, and pursuing ecosystem partnerships (Thomas Cook visa cover, Startup Shield with the Indian VC/PE ecosystem, IIM Kozhikode on the Account Aggregator Framework). FY26 reported net profit of Rs 2,772 crore, 18.2% YoY Q4 GDPI growth, a solvency ratio of 2.67x, and combined ratio improvement to 101.2% reflect a strong financial position with modest underwriting margin pressure.

Name

ICICI Lombard General Insurance

Legal name

ICICI Lombard General Insurance Company Limited

Website

https://icicilombard.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ICICI Lombard is India's largest private general insurer, offering motor, health, travel, home, SME, corporate, and specialty insurance through 340+ branches, 25,000+ agents, ICICI Bank bancassurance, and the IL TakeCare app, serving 500M+ customers over 25 years.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Motor Insurance Premiums: Core revenue stream from car and two-wheeler insurance. Motor is the largest segment accounting for nearly half of total premiums. Motor GDPI grew 6.24% in Q4 FY26 on back of 25% rise in March auto sales. The segment is recovering following GST cuts on automobiles.
2. Health Insurance Premiums: Fastest-growing segment with retail health surging 51-65% YoY. Health insurance premiums are now exempt from GST (effective September 2025) following the GST Council's reduction from 18% to nil. Q4 FY26 retail health grew 55.6% YoY. The segment has expanded market share to 4.1% in standalone health.
3. Travel Insurance Premiums: Single-trip and multi-trip travel insurance products including TripSecure+, Gold Multi Trip, and Student Travel. Travel insurance products also benefit from GST exemption for retail travel policies.
4. SME & Corporate Insurance: Business insurance products including Marine, Fire, Employee's Compensation, Professional Indemnity, Cyber Insurance, Group Health, Group Personal Accident, Event Insurance, Drone Insurance, and Property Insurance for SMEs and corporates.
5. Investment Income: Returns on insurance float (premiums collected but not yet paid out as claims). Weak investment income was a factor in Q4 FY26 results, with the company recording a Rs 50 crore impairment charge on equity portfolio and unrealized gains turning negative to Rs 1,000 crore amid equity and bond market weakness.
6. Crop Insurance: Pradhan Mantri Fasal Bima Yojana (PMFBY) and other crop insurance schemes for farmers, covering yield losses and post-harvest losses.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels11 records

Core offering

ICICI Lombard General Insurance is one of India's largest private sector general insurers offering a multi-line portfolio of motor, health, travel, home, SME and corporate insurance products. The company serves over 500 million customers across 25 years through 340+ branches, 25,000+ agents, bancassurance with ICICI Bank, and digital channels including the IL TakeCare app (21M+ downloads). It underwrites retail and commercial risks across categories such as car, two-wheeler, health, travel, cyber, crop (PMFBY), marine, fire, professional indemnity, group health and employee compensation, with AI-powered claims processing and a 15,200+ garage and 11,000+ hospital cashless network.

Product overview

ICICI Lombard General Insurance is one of India's leading private sector general insurance companies offering a comprehensive portfolio of insurance products. The company operates a platform-plus-products model with motor insurance (car and two-wheeler), health insurance (including Elevate Bestseller, Activate Booster, Golden Shield, MaxProtect, Health AdvantEdge), and travel insurance (TripSecure+) as core consumer products, complemented by SME/business insurance offerings including group health, marine, fire, employee's compensation, and professional indemnity insurance. Corporate insurance services are provided through a dedicated corporate portal. Digital services are delivered through the IL TakeCare mobile app platform, which enables policy purchase, claims filing, renewals, and wellness features. The company also offers specialized products including cyber insurance, crop insurance (PMFBY), home insurance (ICICI Bharat Griha Raksha, Complete Home Protect), and NRI insurance. The product portfolio is designed to serve individual consumers, families, SMEs, and large corporations across multiple insurance categories.

Differentiator

Problem solved

Functional benefit

Brands

• IL TakeCare App: Mobile application for policy purchase, claims, renewal and wellness services
• Service Assure
• TripSecure+
• Elevate
• Activate Booster
• ICICI Bharat Griha Raksha
• Complete Home Protect
• Startup Shield

Products and services

• Car Insurance Comprehensive motor insurance for cars with custom coverage options, doorstep cashless repairs at 15,200+ network garages, AI-backed instant claims process, Service Assure 30-minute roadside assistance and add-ons like Zero Depreciation and Personal Accident Cover. Targeted at car owners across India.
• Two Wheeler Insurance Motor insurance for two-wheelers with cashless repairs at 6,100+ network garages, long-term policy options and service guarantee on repairs. Targeted at bike and scooter owners across India.
• Health Insurance Comprehensive health insurance category offering personalized policies for all budgets and ages, cashless treatment at 11,000+ network hospitals and coverage from mild sickness to hospitalization. Health insurance premiums are GST-exempt effective 22 September 2025. Targeted at individuals and families across life stages.
• Elevate Health Policy Flagship comprehensive health insurance plan covering a wide range of medical expenses with extensive benefits, targeted at individual and family buyers seeking broad coverage.
• Activate Booster (Super Top-Up) Super top-up health insurance plan that boosts base coverage by paying additional sum insured once the deductible is exhausted, providing high sum insured at lower premium. Targeted at health insurance buyers seeking enhanced coverage cost-effectively.
• Golden Shield (Senior Citizen Health Insurance) Health insurance plan designed specifically for senior citizens with age-appropriate coverage and benefits, targeted at older adults and their families.
• MaxProtect (1 Crore Health Insurance) High sum insured health insurance plan offering up to Rs 1 crore of coverage for comprehensive protection against major medical events, targeted at buyers seeking large cover.
• Health AdvantEdge (Family Health Insurance) Family health insurance plan allowing customization with various add-ons and riders for flexible coverage of all family members, targeted at households seeking single-policy family protection.
• Travel Insurance Travel insurance category covering international and domestic trips with cashless hospitalization worldwide, coverage for missed flights, baggage loss and passport loss, including TripSecure+ and Gold Multi-trip plans. Retail travel insurance is GST-exempt effective 22 September 2025. Targeted at leisure and business travellers.
• TripSecure+ (Single Trip Travel Insurance) Single-trip travel insurance covering medical emergencies, trip cancellations, baggage loss and travel-related contingencies from departure to return, including a co-branded visa rejection cover. Targeted at individual and family leisure and business travellers.
• Group Health Insurance (SME) Group health insurance for SMEs and corporates providing smart health cover for employees with volume-based pricing. Targeted at businesses providing employee health benefits.
• Marine Insurance Transit and cargo insurance protecting goods during transportation, including Open Marine Policy and Marine Transit Insurance. Targeted at importers, exporters, manufacturers and logistics businesses.
• Fire Insurance Property insurance covering fire damage for MSMEs, including ICICI Bharat Laghu Udyam Suraksha Policy (Rs 5-50 crore) and ICICI Bharat Sookshma Udyam Suraksha (up to Rs 5 crore). Targeted at MSMEs, SMEs and commercial property owners.
• Employee's Compensation Policy Workmen's compensation insurance covering employer's statutory liability for employee workplace injuries, death, disability and medical expenses. Targeted at employers across industries for statutory compliance.
• Professional Indemnity for Doctors Liability insurance protecting medical professionals against claims arising from professional negligence or errors. Targeted at doctors, clinics and hospitals.
• Cyber Insurance Cyber insurance for individuals and businesses covering identity theft, unauthorized online transactions, cyberbullying, cyber extortion, malware intrusion, legal expenses, data restoration costs and forensic costs. Targeted at digitally active individuals and SMEs/corporates exposed to cyber risk.
• Crop Insurance (PMFBY) Pradhan Mantri Fasal Bima Yojana (PMFBY) and other crop insurance schemes for farmers, covering yield losses and post-harvest losses due to natural calamities. Targeted at Indian farmers under government-sponsored crop insurance programmes.
• ICICI Bharat Griha Raksha Policy (Home Insurance) Home insurance policy covering residential properties against fire, natural disasters (including floods, earthquakes, storms) and other specified risks, aligned with the standard Bharat Griha Raksha product. Targeted at homeowners across India.
• Complete Home Protect Comprehensive home insurance offering extensive coverage for residential properties and contents, including structure, household contents and specified perils. Targeted at homeowners seeking broader cover than the standard Bharat Griha Raksha policy.
• Corporate Insurance Enterprise-level insurance solutions for corporate clients covering property, liability, marine, engineering and other commercial risks, with digital solutions and risk management services delivered through a dedicated corporate portal. Targeted at large Indian corporates.
• Startup Shield - The Risk Readiness Integrated risk-readiness solution for Indian startups bundling cyber security, employee wellness, professional indemnity and Directors & Officers liability coverage, positioned as a long-term risk partnership for VC/PE-backed startups. Targeted at early- and growth-stage Indian startups and their investors.
• Visa Rejection Cover (Travel Insurance) Travel insurance add-on/standalone cover that indemnifies customers for non-recoverable advance payments towards accommodation and travel when visa applications are rejected, underwritten by ICICI Lombard and distributed via Thomas Cook India and SOTC Travel. Targeted at group tour and corporate travel customers of Thomas Cook and SOTC.
• IL TakeCare App Customer-facing mobile app enabling policy purchase, claims filing, renewals and wellness services, with AI-powered features including health vitals via face scan, driving insights, fitness tracking and mobile self-inspection for motor claims. Available on iOS and Android with 21 million downloads.

Quantifiable outcome

• AI-backed instant motor claims processing
• +6 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature6 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Karnataka BankminorChannel Partner/ Reseller/ Distributor · 6 June 2026Karnataka Bank organised a third-party products (TPP) conference at its Mangaluru head office, bringing together senior leadership, regional teams and channel partners. Representatives from eight insurance companies including ICICI Lombard participated in discussions on industry trends, compliance expectations, and best practices, with the bank's MD & CEO emphasising fee-based income opportunities through TPP and the government's 'Insurance for all by 2047' vision.
• 63SATS CybertechminorGTM or Marketing Partner · 29 May 202663SATS Cybertech (cybersecurity arm of 63 moons technologies) offers cyber fraud insurance underwritten by ICICI Lombard for users of its CYBX mobile app. This is part of 63SATS Cybertech's positioning of AI-powered cybersecurity solutions and DPDP compliance services, serving 80 major clients including government entities, PSUs, and critical infrastructure operators.
• Indian Startup Ecosystem (VC/PE investors)coreStrategic or Co-development Partner · 25 May 2026ICICI Lombard launched 'Startup Shield – The Risk Readiness', an initiative to make Indian startups risk-resilient and investor-ready by shifting focus from risk avoidance to proactive risk management. Over 100 startup founders and VC/PE investors attended the invite-only session. ICICI Lombard positions itself as a long-term risk partner for startups, covering cyber security, employee wellness, professional indemnity, and D&O liability. Structured risk planning is increasingly a key criterion in investor diligence.
• IIM KozhikodecoreStrategic or Co-development Partner · 14 May 2026ICICI Lombard and IIM Kozhikode concluded Season 4 of their flagship business case-study competition 'IL Igniting Minds', with the theme focused on leveraging the Account Aggregator Framework to transform insurance operations in underwriting, distribution, and claims across health, home, motor, and SME insurance verticals. Received over 1,900 student registrations from 35+ premier institutes. The initiative bridges academia-industry gaps and helps ICICI Lombard identify high-potential talent.
• Thomas Cook India & SOTC TravelcoreGTM or Marketing Partner · 19 April 2026Thomas Cook India and SOTC Travel launched a visa rejection cover insurance product underwritten by ICICI Lombard, indemnifying customers for non-recoverable advance payments towards accommodation and travel when visa applications are rejected. The cover is available across group tours and corporate travel segments and excludes immigrant and employment visas. This addresses long-standing customer concerns about non-refundable losses amid evolving global visa environments.
• IRDAI (as member of sub-committee)coreOthers · 10 April 2026IRDAI formed a seven-member sub-committee including ICICI Lombard to address critical gaps in India's health insurance sector, focusing on consumer trust, claim transparency, product affordability, and fraud control. The panel, chaired by IRDAI chief Ajay Seth, will operate for one year and submit its first report within four months. ICICI Lombard's inclusion reflects its leadership position in the health insurance market.

Scale indicators21 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• HDFC ERGO General Insurance: Private-sector general insurer and the closest head-to-head competitor in motor, health, and SME lines; competes with ICICI Lombard for bancassurance partners, digital customers, and corporate accounts across India.
• Bajaj Allianz General Insurance: Top-three private general insurer with overlapping motor, health, travel, and SME offerings; competes on agency scale, digital UX, and corporate broker relationships.
• Tata AIG General Insurance: Private-sector multi-line general insurer competing in motor, health, SME, and corporate lines; an established peer named alongside ICICI Lombard in the India cyber insurance market.
• New India Assurance: Largest public-sector general insurer with the broadest product and geographic footprint in India; competes directly in motor, health, fire, marine, and crop lines and sets the floor on industry pricing.
• SBI General Insurance: Public-sector general insurer leveraging SBI's banking network for bancassurance; competes with ICICI Lombard for retail motor, health, and SME customers through a comparable bank-led distribution model.
• Reliance General Insurance: Private-sector general insurer with broad motor, health, and commercial lines; competes on digital channels and group health products and shares ICICI Lombard's multi-channel GTM.
• Cholamandalam MS General Insurance: Mid-sized private general insurer with strong auto and SME franchise via the Murugappa Group; competes in motor, health, and commercial lines against ICICI Lombard's core segments.

Emerging players

• Niva Bupa Health Insurance: Health-only specialist insurer growing rapidly in retail and group health; sits alongside ICICI Lombard on the IRDAI health-insurance sub-committee and competes most directly in the fastest-growing health segment.
• Go Digit General Insurance: Tech-forward, digitally native general insurer focused on motor and health with strong app-led claims; competes with ICICI Lombard's IL TakeCare proposition on digital-first customer experience.

Broad incumbents

• Allianz: Global incumbent in P&C insurance with broad product and geographic reach; relevant as a global benchmark for combined-ratio discipline, AI underwriting, and capital allocation in general insurance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ICICILombard
• YouTubeyoutube.com/channel/UC0R5iVTodAY6EyUlY1lVJwg
• Facebookfacebook.com/icicilombard
• LinkedInlinkedin.com/company/164272

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICICI Lombard General Insurance