Rate of jump in health insurance claims a worry; optimistic on motor insurance biz: ICICI Lombard

A spike in COVID claims pushed up the loss ratio within the medical health insurance enterprise for ICICI Lombard within the second quarter, despite the fact that the motor phase noticed decrease claims. CNBC-TV18 spoke to CEO of ICICI Lombard for an outlook on COVID claims going ahead and for a test on new motor coverage gross sales because the festive season begins.

Bhargav Dasgupta, MD & CEO, ICICI Lombard Normal Insurance coverage, stated that the overall combination claims that the trade has seen within the six months are roughly about 3,24,000. “For us at ICICI Lombard, the quantity is at about 17,000, which is basically according to our market share,” he stated.

The reason for concern, nevertheless, is basically the speed at which the claims have climbed, as per Dasgupta. “If we see the October quantity, the quantity appears to be plateauing, actually tapering a bit,” he says.

At the very least for ICICI Lombard, given our general mixture of enterprise and the underwriting on the remainder of the e-book, we must be okay,” added Dasgupta.

Speaking about motor insurance coverage, he additional stated, First half – clearly motor numbers had been weak. We’re moderately optimistic in regards to the festive season gross sales. As we converse, non-public automotive gross sales look to be constructive to us, business automobiles (CV) sale remains to be muted however bettering, two-wheelers nonetheless not on the similar ranges as we’d have appreciated to see it.

On stability, we’re a bit extra optimistic about motor now than we had been possibly in Q1, he added.

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