New Delhi: ICICI Lombard General Insurance on Monday said it is prioritising sustainable and profitable growth, backed by tighter underwriting and pricing discipline, as competitive pressures persist in India’s non-life insurance market.
During its post-results earnings call, the management highlighted that growth continues to be driven by motor, health and corporate lines, while maintaining a cautious approach to risk selection and claims management. The insurer reiterated its strategy of balancing growth with profitability, particularly in segments where pricing pressure remains elevated.
Executives noted that the company has been focusing on improving combined ratios through better claims experience, technology-led efficiencies and granular risk assessment. Investments in digital capabilities and analytics were cited as key enablers for improving customer acquisition, fraud detection and operational efficiency.
On the health insurance side, the management acknowledged industry-wide challenges related to rising medical inflation but said ICICI Lombard’s product mix, pricing actions and claims management initiatives have helped moderate the impact. In motor insurance, growth was supported by new vehicle sales and improved renewal retention, while commercial lines continued to see selective underwriting.
The company also reiterated its long-term confidence in India’s general insurance market, citing low penetration levels and favourable macroeconomic trends. Management said it would continue to pursue growth opportunities while remaining disciplined on pricing and capital allocation, especially in a competitive environment.
ICICI Lombard is among India’s largest private sector general insurers, with a diversified portfolio spanning motor, health, travel, crop and commercial insurance.