ICICI Lombard bags IndianOil account
Mumbai   30-Aug-2007
Continuing its aggressive expansionary movement, the largest domestic private sector general insurer, ICICI Lombard General Insurance has bagged IndianOil's (a Fortune 500 company) insurance account for 2007-08. In a tough battle among the general insurance companies including the four general insurers, ICICI Lombard General Insurance was selected for its lowest-premium offer. Sources point out that the company has managed to get the prized deal at around Rs 50 crore. New India Assurance, which had insured the deal in 2006-07, lost the account as it had bid higher. IndianOil is the largest oil company in the country and is a sought after risk account among the insurers with maximum reinsurance. The co-insurers for IndianOil deal are yet to be decided. ICICI Lombard General Insurance has also managed to win the bidding for the Indian Railways account for 2007-08. The company, which had to participate in bidding for the Indian Railways, had quoted around Rs 35 crore.Indian Railways insure its passengers against any accidents where it has to pay a maximum Rs.41akh per claim. The Indian Railways account, which is yet to be finalised, would be moving from Reliance General Insurance to ICICI Lombard. Earlier the company, which is moving dose to the four states, owned general insurance company in terms of total incremental premium had become the leader in the largest private sector account, Reliance industries. It had also for the first time become a coinsurer in Air India accountfor2007-08.