ICICI Lombard gets "iAAA" rating from ICRA

Mumbai, May 9 (UNI) The rating agency ICRA has assigned an iAAA rating indicating the highest claims paying ability to ICICI Lombard General Insurance Company Limited (IL).

Announcing this, the agency said that the rating indicates a fundamentally strong position for the company. The rating takes into consideration ILs strong parentage, the high growth prospects for the general insurance business in the country.

It also looks at ILs strong capitalisation level, its prudent underwriting and reinsurance strategy, and its satisfactory underwriting performance.

ICRA notes that a key challenge for the general insurance sector companies would be the likely pricing pressures arising out of the growing competition and the impending de-tariffing of the fire and motor businesses. ILs competitive cost structure and prudent underwriting practices, places it in a favourable position to compete in the de-tariffed environment.

Incorporated in August 2001, ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Ltd (ICICI) and the US-based USD 27.5 billion Fairfax Financial Holdings Limited (FFHL).

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