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ICICI Lombard is among India's largest private general insurers, writing motor, health, property, marine, liability and specialty lines for corporates and individuals.
Operating in the Indian market since 2001
Registered and headquartered in Mumbai
ICICI Bank promoted, listed
Licensed general insurer regulated by IRDAI
ICICI Lombard is among India's largest private general insurers, writing motor, health, property, marine, liability and specialty lines for corporates and individuals. The company has been operating since 2001 and is known for digital-first issuance and a wide commercial underwriting appetite.
India's largest private general insurer earns its place on our marine open-policy and liability shortlists, and on complex commercial programmes where scale and market depth matter.
8.77% of claims decided were repudiated and 5.41% closed without payment; 98.45% of the claims paid were paid within three months of intimation. In FY2023-24 it paid 86.58% of claims decided. Ranked 20 of 24 general insurers on the share of claims paid. Source: IRDAI Handbook on Indian Insurance Statistics 2024-25, Table 53, published by IRDAI on 3 February 2026. Claim settlement ratio of every general insurer in India.
Solvency ratio 2.69 as at March 2025, against IRDAI's minimum of 1.50 (2.62 a year earlier): whether it could still pay after a very bad year. Solvency ratio of every insurer.
Market share: ₹26,773 crore of gross direct premium in FY2024-25, 8.7% of Indian general insurance, 2nd of 34 insurers by size. By line: fire ₹3,143 crore (13.0% of the market); marine ₹882 crore (16.0% of the market); motor ₹10,740 crore (10.8% of the market); health with PA and travel ₹7,636 crore (6.0% of the market). Market share of every insurer.
Health insurance claims: an incurred claims ratio of 85.5% in FY2024-25 (group 89.3%, retail 68.3%), against 87.0% for all health insurers. Incurred claim ratio of every insurer.
Policy wordings: every ICICI Lombard product in IRDAI's register, with its UIN and wording PDF. ICICI Lombard policy wordings.
Insurer selection at RFS is never based on a single metric. We weigh claims behaviour on risks like yours, wording quality, engineering support and pricing before recommending a market.
Tell us about your risk and we will tell you honestly whether ICICI Lombard is the right market for it, and at what terms.
Company names and logos belong to their respective owners and are shown to identify insurers RFS places business with. RFS is an independent insurance advisory firm and is not affiliated with or endorsed by any insurer. Headquarters photo: ICICI Bank Towers, Bandra Kurla Complex, Mumbai — Rakesh from Bangalore, CC BY-SA 2.0, via Wikimedia Commons.
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