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ICICI Lombard to focus on small and medium enterprises
ICICI Lombard General Insurance Company is looking at betting on small and medium enterprises (SMEs) as the general insurer intends to widen its net and focus on new areas for a faster growth.
Hyderabad: ICICI Lombard General Insurance Company is looking at betting on small and medium enterprises (SMEs) as the general insurer intends to widen its net and focus on new areas for a faster growth.
“Insurance penetration in SME sector is very low, so it offers high potential for growth. At present, contribution from this key sector to our business mix is not significant. Going forward, we will focus on this segment,” Gopal Balachandran, Chief Financial Officer, ICICI Lombard General Insurance, told the media at the company’s IPO roadshow here.
According to him, the company is getting major chunk of its gross direct premium income (GDPI) from motor, health and personal accident, and crop/weather, which account for 36.5 per cent,18.2 per cent and 21.8 per cent respectively.
The private insurer claims eight per cent market share in the country’s general insurance sector in which private sector companies account for 18 per cent while the rest is with public sector majors.
Meanwhile, the general insurer is hitting capital markets later this week to raise funds via initial public offering (IPO) through book building process. The IPO will open for subscription on September 15 and close on September 19, with price brand fixed from Rs 651 to Rs 661 per each equity share of face value of Rs 10.
BY Business Bureau
