ICICIGI

By Ashwin Manikandan

NEW DELHI, Feb 21 (Reuters) - Indian insurers are considering making New Delhi residents pay 10% to 15% more for new health policies after an extraordinary spike in claims related to air pollution in 2024 in India's capital, according to nine executives aware of the matter.

The plan, now in discussion amongst insurers and which would need approval from the insurance regulator, follows record-breaking air pollution in New Delhi last year. If approved, it would be the first time air pollution was used as a direct factor in figuring health insurance premiums in India, and could be used to justify price hikes in other cities as well.

Toxic air led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, five of the executives said.

All the executives spoke on condition of anonymity as they are not authorized to speak with media.

"We have to start thinking about pollution as a separate factor in the pricing in the sense that can we then start executing a particular charge for the areas which are impacted by it," said Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer.

In 2024, the number of patients with respiratory ailments who needed to be hospitalized rose to 17%-18% in the second half of the year versus 5%-6% in the first half, Jain said.

Also, respiratory claims rose 8.3% from fiscal year 2023 to fiscal year 2025 in the state of Delhi, which recorded the highest rise in healthcare costs in India during that period, according to a joint report from Boston Consulting Group and Indian healthcare administrator Medi Assist.

Star Health and ICICI Lombard ICIL.NS said pollution could soon become a direct factor in determining health insurance premiums if poor air quality persists. Bajaj Allianz General Insurance said the industry could also add new clauses specifically addressing pollution-related health concerns.

The Insurance Regulatory and Development Authority of India (IRDAI) and prominent Indian insurers including Aditya Birla Health Insurance, Tata AIG, New India Assurance THEE.NS and Go Digit GODG.NS did not respond to requests seeking comment.

For 2023/24, Indian insurers collected $12.4 billion in health insurance premiums, an increase of about 20% over the previous year, according to the latest IRDAI annual report.

NOT JUST DELHI

New Delhi chokes on smog every winter due to a blend of vehicle emissions, construction dust and smoke from illegal farm fires. In November, Delhi overtook Pakistan's Lahore as the world's most polluted city in Swiss group IQAir's live rankings, with Mumbai and Kolkata also making it to the list of top 10 cities with the most toxic air.

On November 18, India's pollution control authority said the national capital territory's 24-hour air quality index (AQI) score touched a season-high of 491 on a scale of 500. Anything over 400 is "severe", affecting healthy people as well as "seriously impacting" those with existing health issues.

In India, insurers can vary health insurance premiums by city based on factors ranging from hospitalization costs to demographics.

Getting the regulatory nod to include air pollution as a factor would depend on insurers submitting proof to back the assertion that toxic air is leading to an increase in claims.

"The frequency and severity of hospitalization purely due to the toxicity in the air needs to be isolated," PwC India Financial Services Advisory Leader Joydeep Roy said.

"That involves commissioning longer-term studies."

It is not known how long it would take to conduct such studies or to get the needed approvals from IRDAI.

Senior citizens, children, outdoor professionals and those with preexisting respiratory conditions would likely pay the highest premiums. The plan, if approved, would likely make health insurance unaffordable for many who need it most.

New Delhi's per capita income was $5,331 in 2024 according to the Delhi Statistical Handbook, and under current guidelines health insurance with a coverage limit of $10,000 for a family in the city would cost between $100 to $400 per year.

"In India, owning health insurance cover is a luxury," said Delhi resident and COPD patient Aniket Tiwari, 28, who decided against getting coverage in 2024 because it was too pricey.

(Reporting by Ashwin Manikandan; Editing by Dhanya Skariachan and Tom Hogue)

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Jan 30 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• RECEIVES TAX DEMAND ORDER OF 311.8 MILLION RUPEES

• TAX DEMAND ORDER INCLUDES PENALTY OF 311.8 MILLION RUPEES

Source text: ID:nBSE9LvQYS

Further company coverage: ICIL.NS

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Jan 17 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS beat third-quarter profit estimates on Friday, helped by higher premiums earned in its health and motor insurance segments.

The insurer reported profit after tax of 7.24 billion rupees ($83.6 million) for the quarter ended Dec. 31, up 68% on-year. Analysts, on average, expected a profit of 6.10 billion rupees as per data compiled by LSEG.

India's insurance sector has seen rapid growth in recent years, with a rise in improved awareness following the COVID-19 pandemic and rising medical costs.

The country's general insurance industry is projected to grow to about $57 billion in 2028 from $40 billion in 2024 in terms of gross written premiums, according to data and analytics firm GlobalData.

ICICI Lombard's premiums earned in its retail health insurance and corporate health insurance units grew nearly 25% and 12%, respectively.

Motor insurance premiums, ICICI's largest segment, grew 17% to 25.60 billion rupees.

While sale of new vehicles were muted in the last few quarters, analysts said that ICICI Lombard's auto segment has seen growth driven by old vehicles' insurance.

The company did not give a breakdown of premium earned from insurance of new and old vehicles.

The company's net premiums earned rose 17% to 50.45 billion rupees, while income from investments rose 23%.

Combined ratio, an insurance company's losses and expenses divided by the premium it earned, eased to 102.7% from 103.6% a year earlier.

A lower ratio indicates the insurer is earning more through premiums in relation to its claims paid and operating expense incurred. ICICI Lombard's claims paid rose 19% year-on-year.

Shares of the company ended 2.1% higher ahead of the results.

($1 = 86.5720 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Varun H K)

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Jan 10 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE CO- RECEIVES COMBINED ORDER FROM CIT(A) MUMBAI

• ICICI LOMBARD GENERAL INSURANCE CO- RELIEF GRANTED ON TAX DISPUTE OF 1.75 BILLION RUPEES

Source text: ID:nBSE4vxkH8

Further company coverage: ICIL.NS

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Dec 17 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• NCDRC DISPOSES COMPLAINT AGAINST ICICI LOMBARD

• CO HAS PAID 450 MILLION RUPEES TO SETTLE LITIGATION

Source text: ID:nBSE53NF08

Further company coverage: ICIL.NS

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Dec 12 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD - DELHI HIGH COURT QUASHES TAX ORDER, ALLOWED CO'S WRIT PETITION

Source text: ID:nBSEb97TvP

Further company coverage: ICIL.NS

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Nov 26 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE - APPROVED INVESTMENT OF 50 MILLION RUPEES IN BIMA SUGAM

• ICICI LOMBARD - APPROVED AGGREGATE INVESTMENT NOT EXCEEDING 10% SHARE CAPITAL OF BIMA SUGAM

Source text: ID:nBSE40S4Rm

Further company coverage: ICIL.NS

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Oct 18 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• Q2 PAT 6.94 BILLION RUPEES

• Q2 NET PREMIUM EARNED 50.26 BILLION RUPEES

• DIVIDEND 5.5 RUPEES PER SHARE

Source text for Eikon: [ID:]

Further company coverage: ICIL.NS

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Sept 27 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT TAX ORDER WITH DEMAND OF 13.89 BILLION RUPEES

Source text for Eikon: ID:nNSE660NJs

Further company coverage: ICIL.NS

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Aug 8 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT GST DEMAND NOTICE OF 1 MILLION RUPEES

Further company coverage: ICIL.NS

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July 19 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• Q1 PAT 5.80 BILLION RUPEES

• Q1 NET PREMIUM EARNED 45.04 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: ICIL.NS

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LONDON, June 12 (Reuters) - A group of 50,000 self-employed women in India have become the first beneficiaries of a novel insurance scheme that pays out when temperatures hit certain extremes.

As the temperature crossed 40 degrees Celsius (104 degrees Fahrenheit) between May 18 and May 25, the women in the states of Rajasthan, Gujarat and Maharashtra all received a flat $5 payment.

"This is the first time that insurance payouts and a direct cash assistance program have been combined to supplement the income of women when it's dangerously hot," said Kathy Baughman McLeod, CEO of non-profit Climate Resilience for All, which designed the insurance scheme along with India's Self-Employed Women's Association (SEWA).

The bulk of the women, some 92%, then went on to receive an additional payout when insurance tied to the local conditions and duration of the extreme heat was triggered, with some receiving up to $19.80 each.

Insurance is increasingly seen by policymakers as a tool to help vulnerable communities receive financial support quickly after extreme weather events occur.

Total payments across the programme totalled $341,553.

The insurance was underwritten by reinsurer Swiss Re and provided locally by ICICI Lombard.

(Reporting by Simon Jessop and Katy Daigle; Editing by Sandra Maler)

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May 23 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE CO- GOT SHOW CAUSE NOTICE FOR TAX DEMAND OF 1.50 BILLION RUPEES, INTEREST 1.24 BILLION RUPEES

• ICICI LOMBARD GENERAL INSURANCE CO- CO BELIEVES IT HAS STRONG CASE ON MERIT

Source text for Eikon: ID:nBSE5VWQS3

Further company coverage: ICIL.NS

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May 1 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GETS TAX ORDER FOR GST DEMAND AT 90.8 MILLION RUPEES

Source text for Eikon: ID:nBSE1rtmvx

Further company coverage: ICIL.NS

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April 18 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE COMPANY- GETS ORDER RAISING GST DEMAND OF 7.3 MILLION RUPEES

Source text for Eikon: ID:nBSE9tlmWt

Further company coverage: ICIL.NS

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April 17 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• Q4 PAT 5.20 BILLION RUPEES

• Q4 NET PREMIUM EARNED 43.68 BILLION RUPEES

• YEAR AGO Q4 PAT 4.37 BILLION RUPEES, NET PREMIUM EARNED 37.26 BILLION RUPEES

• Q4 COMBINED RATIO 102.2% VERSUS 104.2% YEAR AGO

• DIVIDEND OF 6 RUPEESPER SHARE

Source text for Eikon: [ID:]

Further company coverage: ICIL.NS

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April 16 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT ORDER FROM ADDITIONAL COMMISSIONER, GST & CENTRAL EXCISE WITH PENALTY OF 57.6 MILLION RUPEES

Source text for Eikon: ID:nBSEc7Qr43

Further company coverage: ICIL.NS

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April 11 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GETS TAX ORDER FOR DEMAND AT 14.8 MILLION RUPEES

Source text for Eikon: ID:nBSE670LfX

Further company coverage: ICIL.NS

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April 9 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE COMPANY LTD - ICICI LOMBARD ENTERS INTO A STRATEGIC PARTNERSHIP WITH POLICYBAZAAR

• ICICI LOMBARD GENERAL INSURANCE COMPANY LTD - ACCESS TO 10 MILLION CUSTOMERS THROUGH PARTNERSHIP WITH POLICYBAZAAR

Source text for Eikon: ID:nNSE2B85y0

Further company coverage: ICIL.NS

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April 3 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• ICICI LOMBARD GENERAL INSURANCE COMPANY LTD - GOT GST ORDER DEMANDING 11 MILLION RUPEES

Source text for Eikon: ID:nNSEbVv2N6

Further company coverage: ICIL.NS

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Feb 27 (Reuters) - ICICI Bank Ltd ICBK.NS:

• BOUGHT 1.65% STAKE IN ICICI LOMBARD ON TUESDAY

• DEAL FOR 13.56 BILLION RUPEES

• BANK'S SHAREHOLDING IN ICICI LOMBARD STANDS AT APPROXIMATELY 49.5%

Source text for Eikon: ID:nBSE6SmYnY

Further company coverage: ICBK.NS

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Jan 16 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• Q3 PAT 4.31 BILLION RUPEES

• Q3 NET PREMIUM EARNED 43.05 BILLION RUPEES

• Q3 COMBINED RATIO 103.6% VERSUS 104.4%

• YEAR AGO Q3 PAT 3.53 BILLION RUPEES, NET PREMIUM EARNED 37.92 BILLION RUPEES

Further company coverage: ICIL.NS

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Dec 28 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT ORDER CONFIRMING GST DEMAND OF 17.29 BILLION RUPEES AND PENALTY OF 1.73 BILLION RUPEES

Further company coverage: ICIL.NS

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Dec 19 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• RECEIVED AN ORDER FROM THE JOINT COMMISSIONER OF STATE TAX (APPEALS), BHUBANESWAR, ODISHA

• ORDER DISALLOWED INPUT TAX CREDIT OF 10.6 MILLION RUPEES AVAILED BY CO DURING PERIOD JULY 2017 TO MARCH 2018

• ORDER LEVIED INTEREST AND PENALTY OF 10.8 MILLION RUPEES AND 1.1 MILLION RUPEES RESPECTIVELY

Source text for Eikon: ID:nBSE3Jl8td

Further company coverage: ICIL.NS

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Nov 2 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• RECEIVED ORDER FROM CENTRAL GOODS AND SERVICE TAX & CENTRAL EXCISE, PATNA

• ORDER TO PAY A DEMAND OF 46.2 MILLION RUPEES

Further company coverage: ICIL.NS

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BENGALURU, Oct 18 (Reuters) - India's ICICI Lombard General Insurance ICIL.NS on Wednesday reported a 25.3% rise in second-quarter pre-tax profit helped by a rise in premiums earned, and higher investment income.

Profit before tax rose to 7.64 billion rupees ($91.80 million) from 6.10 billion rupees a year earlier, the ICICI Bank ICBK.NS - backed insurer said in an exchange filing.

However, the insurer's profit after tax fell 2.2% to 5.77 billion rupees due to an over nine-fold increase in provisions for tax. ICICI Lombard, a non-life insurer, offers insurance in the health, motor and fire segments, among others.

Net premium earned rose 12.2% to 43.06 billion rupees.

The insurer's combined ratio, a key profitability metric for an insurance firm's underwriting business, improved to 103.9% from 105.1% a year ago.

The combined ratio measures the incurred losses and operating expenses as a percentage of premium collected. It does not take into account income from investments.

ICICI Lombard's net income from investments advanced 13.8% to 7.23 billion rupees in the September quarter.

Analysts at Kotak Institutional Equities had expected the company's profit to be aided by higher investment yield.

The company's net premium earned from its fastest growing-health insurance rose 32.5% in corporate segment and 18.8% in retail segment, while its largest segment of motor insurance posted a moderate 2.7% growth amid a drop in demand for 2-wheelers and entry-level cars.

Shares of the company ended 0.1% lower ahead of the results.

($1 = 83.2260 Indian rupees)

(Reporting by Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)

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Oct 13 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• GOT FAVORABLE ORDERS FROM SPECIAL COMMISSIONER, APPELLATE AUTHORITY-III, STATE TAX, JAIPUR

• RECEIVED FAVORABLE ORDERS QUASHING DEMAND OF 77 MLN RUPEES

Source text for Eikon: ID:nBSE2L2n8G

Further company coverage: ICIL.NS

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July 18 (Reuters) - ICICI Lombard General Insurance Company Ltd ICIL.NS:

• JUNE-QUARTER PAT 3.9 BILLION RUPEES VERSUS PROFIT 3.49 BILLION RUPEES

• JUNE-QUARTER NET PREMIUM EARNED 38.87 BILLION RUPEES VERSUS 34.68 BILLION RUPEES

• JUNE-QUARTER COMBINED RATIO 103.8% VERSUS 104.1%

Source text for Eikon: ID:nNSEbs5tj9

Further company coverage: ICIL.NS

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By M. Sriram

MUMBAI, June 14 (Reuters) - Zurich Insurance Group ZURN.S is in talks to buy up to 51% of India's Kotak General Insurance, two sources with direct knowledge of the matter said, a deal that would mark its first major bet on the fast-growing South Asian insurance market.

Backed by Asia's richest banker Uday Kotak, the early-stage negotiations value the Indian company at around $800 million, and Zurich Insurance has expresed interest in both a minority stake of 49% or taking up a majority 51% stake, the sources said.

The stake the Swiss insurer wants to secure will be worth around $400 million, they said.

Kotak is still evaluating offers, including from other investors, but it prefers retaining "control of the company" after the stake sale, the first source said.

A spokesperson for Zurich, one of Europe's largest insurers, said "as a matter of principle, we don't comment on market rumours and speculations." Kotak General Insurance, which is fully-owned by Indian banking giant Kotak Mahindra Bank KTKM.NS, did not respond to Reuters queries.

While the Kotak insurance unit's interest in selling a stake has been reported earlier, its talks with Zurich, the potential deal size and valuation are being reported for the first time.

More than 30 companies operate in India's general insurance market, where annual premium collections grew 11% to reach $26.7 billion in 2021-22, helped by rising financial literacy and income levels, CareEdge Ratings said in a report.

Many in India still consider health insurance, for example, as a tax savings tool. CareEdge added that India remains a vastly underpenetrated market with non-life insurance penetration of 1% in 2021, compared with the global average of 4.1%, highlighting "the potential of the industry."

Already, foreign companies such as Germany's Allianz and South Africa's Lombard have general insurance partnerships with Indian banking or financial groups.

The first source said Kotak, which is a relatively smaller general insurance player, is holding stake sale talks as it hopes to get an investor who can help them "turn around the business and grow faster".

The Kotak unit reported a loss of $10 million and clocked a premium income of $91.35 million in 2021-22, when bigger rival HDFC Ergo garnered $1.66 billion.

One industry executive in Europe, who is not aware of the current deal talks, said Zurich has for several years evaluated the India market, where businesses are generally more profitable and have better margins than those in Europe.

In 2017, Zurich said it wanted to grow its presence in markets such as China and India, where it can "compete without being a dominant player". The company operates in more than 200 countries and provides life insurance as well as for health and cars.

India in 2021 relaxed foreign investment rules for the insurance sector, allowing companies to acquire majority stakes of up to 74%, from 49% earlier.

(Reporting by M. Sriram in Mumbai; Additional reporting by Tom Sims and Emma-Victoria Farr in Frankfurt; Editing by Aditya Kalra and Jacqueline Wong)

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Adds details, updates share movement from paragraph 3

BENGALURU, May 29 (Reuters) - Shares of ICICI Lombard General Insurance Co Ltd ICIL.NS rose as much as 14.2% on Monday, a day after ICICI Bank Ltd's ICBK.NS board approved raising its stake in the company by 4% in multiple tranches.

ICICI Bank holds 48.02% stake in the company as of March 31, 2023, and plans to acquire at least 2.5% of the 4% before September 9, 2024, it said in an exchange filing late on Sunday.

Earlier in March, the Reserve Bank of India extended ICICI Bank's deadline for reducing its holdings in ICICI Lombard to less than 30% by Sept. 9, 2024.

Shares of the general insurer were last up at 11.4% at 1,224.80 rupees. They posted their biggest intraday pct gain since April 7, 2020 and the highest level since Jan. 18.

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Dhanya Ann Thoppil and Varun H K)

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