MUMBAI: ICICI Lombard General Insurance plans to step up investment in its health insurance business, seeking to close the gap between its health portfolio and its broader non-life market share. The company also remains open to acquisitions should suitable opportunities arise.
“Historically, we’ve been below the industry in terms of market share. We did not invest enough in products or on distribution expansion, which is why our market share has been at 3% in retail health compared to our aggregate market share of close to about 9%,” said Gopal Balachandran, the company’s chief financial officer.
In recent years, ICICI Lombard has sought to correct this imbalance by launching new products and expanding its sales force focused on health insurance. Though it has surplus capital, the company is not actively pursuing acquisitions. Rather, it is interested in businesses aligned with sectors where it is already investing organically. “For example, retail health, we are investing organically. So if there are opportunities in the space of similar kind we are willing to look at it,” Mr Balachandran said.The push into health insurance comes as growth inmotor insurance, traditionally a stronghold for the firm, slows.