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Copy of icici lombard

Copy of icici lombard

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Published by Mahek Patel

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Published by: Mahek Patel on Apr 01, 2011
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02/05/2013

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APROJECT REPORTON VARIOUS INSURANCE PLAN OF
ICICI Lombard General InsuranceCompany Ltd.
 
GENERAL INTRODUCTION ABOUT THE SECTOR 
Insurance is not the sale of products, but servicing customers. It is a system, by which the lossessuffered by a few are spread over many, Exposed to similar risks. Insurance is a protectionagainst financial loss arising on the happening of an unexpected event. Insurance companiescollect premiums to provide for this protection. A loss is paid out of the premiums collected fromthe insuring public and the Insurance Companies act as trustees to the amount collected. Thevery fundamental principle of spreading of the risk is actually practiced by the insurancecompanies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies, has made available more products and world class service to IndianCustomer.This project has been made with an objective to give an insight into various facts of GeneralInsurance sector in India. An attempt has been made to explain the apex body of GeneralInsurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries.Also the review of latest entrants into insurance sector viz. private players like TATA AIGGeneral Insurance Company, Reliance General Insurance Company limited, Bajaj AllianzGeneral Insurance Company, IFFCO Tokyo General Insurance Company, Royal SundaramGeneral Insurance Company limited and ICICI Lombard General Insurance Company have beendescribed in brief, Due to the growth in the technological sector of the country, the insurancecompanies have started utilizing these technologies to it‚as optimum level.
 
About ICICI Lombard General Insurance Company Ltd.
ICICI Lombard GIC Ltd. is a 74:26 joint venture betweenICICI Bank Limited, India’s secondlargest bank with consolidated total assets of over USD 100 billion at March 31, 2010 andFairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financialservices company engaged in general insurance, reinsurance, insurance claims management andinvestment management.ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with aGross Written Premium (GWP) of 36,948 million for the year ended March 31, 2010. Thecompany issued over 44 Lakh policies and settled over 62 Lakh claims and has a claim disposalratio of 96% (percentage of claims settled against claims reported) as on March 31, 2010. Thecompany has 4,634 employees and 350 branches as on March 31, 2010.The company has been assigned a domestic rating of ‘iAAA’ by ICRA (an associate of Moody’sInvestors Service) for highest claim paying ability and a fundamentally strong position, for thefourth consecutive year. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. Thecompany has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the ‘Insurance Sector - Non-Life’ at the3rd Loyalty awards, 2010.It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia Insurance IndustryAwards. The company also won the NDTV Profit Business Leadership Award 2007 and wasadjudged as the most Customer Responsive Company in the Insurance category at the EconomicTimes Avaya Global Connect Customer Responsiveness Award 2006. It has the Gold Shield for “Excellence in Financial Reporting” by the ICAI (Institute of Chartered Accountants of India)for the year ended March 31, 2006.

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