ICICI Lombard plans to expand operations

Kochi, June 3 (UNI) ICICI Lombard General Insurance Company Ltd, one of the largest insurance majors, announced its plans to expand operations from the present 350 business sourcing locations to 600 by this year end.

Addressing a press conference yesterday, the company's marketing head Kartik Jain said the company would increase its head count from the current strength of 2883 to 3400 to give more thrust on retail products.

He said the company with a present market share of 7.8 per cent in the country was planning to cross Rs 100 crore mark in premium collections from Kerala during the next fiscal compared to Rs 30 crore mark this fiscal.

In the year 2005-06, the company collected gross written premium of Rs 1592 crore, registering a growth of 80 per cent and issued over 14,61,000 policies in the country.

Mr Jain said the company had insured 132,000 acres of land and 115,000 farmers for their different crops like groundnut, castor, orange, cotton, coriander and black gram in 13 states.

In collaboration with 13 state governments, the company provided group personal accident coverage to 126 million people.

Medical insurance scheme coverage was provided to 3.3 million workers in the cotton industry in six states.

Mr Jain said a joint venture was formulated between ICICI Bank and US-based Fairfax Financial Holdings.

UNI JA AJ 1324