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Yes Securities Report
ICICI Lombard General Insurance Company Ltd.'s growth in the health plus segment, fire segment and marine segment was 5.4%, 16.3% and 10.6% QoQ, respectively while motor de-grew down 2.8% QoQ.
After the second wave, ICICI Lombard had gone back to group health corporate clients and had effected price increases of 15-20% and higher in some cases. 90% of these corporate customers have been retained at the higher price as they are willing to pay a higher price for better service.
The competitive intensity in motor own damage is very high and chip shortage also continues to be an issue for original equipment manufacturers sales. There has been price aggression in the motor own damage segment from Q1 FY22 itself.
ICICI Lombard does not expect this to correct this financial year but from the next financial year. The company expects to outgrow the motor segment market from Q4 FY22 onwards.
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