ICICI Lombard Steps Up Health Insurance Investments

In a strategic move to bridge the gap between its health portfolio and its broader non-life market share, ICICI Lombard General Insurance has announced plans to increase its investments in the health insurance sector. The company is also keeping an eye out for potential acquisitions that align with its current investment focus.

Market Share and Strategic Focus

Gopal Balachandran, the company's CFO, highlighted the historical underperformance in market share, stating, "Our market share has been at 3% in retail health compared to our aggregate market share of close to about 9%." To address this, ICICI Lombard has been launching new products and expanding its sales force dedicated to health insurance.

Acquisition Strategy

While the company has surplus capital, it is not aggressively pursuing acquisitions. Instead, it is interested in opportunities that complement its organic investment areas, such as retail health. "If there are opportunities in the space of similar kind we are willing to look at it," Mr. Balachandran added.

Shifting Focus from Motor Insurance

This strategic push into health insurance comes as the growth in motor insurance, a traditional stronghold for ICICI Lombard, begins to slow.