Indian ICICI Lombard General Insurance Allies with the Small Industries Developm...

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Jan 2007
India , January, 22 2007 - Industrial Credit and Investment Corporation of India Lombard General Insurance (ICICI) signed an agreement with the Small Industries Development Bank of India (SIDBI), a state-run bank that provides loans to support small and medium enterprises and several Indian microfinance institutions, pledging to provide non-life insurance products to the micro, small and medium enterprises supported by SIDBI

ICICI Lombard will offer three categories of insurance products to SIDBI enterprises: creditors insurance for MFIs; asset insurance against fire and burglary of plant, machinery and other assets for small and medium enterprises; rural insurance for health and weather for small farmers.  These products will be available through SIDBI's 59 branches in India as well as ICICI's 180 Indian branches. 

ICICI Bank united with Fairfax Financial Holdings Limited and began its general insurance business in August 2001 as ICICI Lombard.  As of March 31, 2001, it had INR 4.1 bn (equivalent to USD 92.8 mn) in net assets. As of March 31, 2006, ICICI Bank had INR 2,513 bn (equivalent to USD 56 bn) in net assets.  Fairfax Financial Holdings was incorporated in 1951 in Toronto, Ontario, Canada.  It is a financial corporation engaged in general insurance, reinsurance, insurance claims management and investment management.  It had USD 27 bn in total assets in 2005.

SIDBI was established in 1990 by the Indian Parliament as the principle financial institution for promoting, financing and developing small industries and coordinating other institutions engaged in similar activities.  The bank also assists the small scale sector through indirect assistance to primary lending institutions as well as direct assistance to small and medium enterprises.  As of March 31, 2006, SIDBI’s total credit portfolio was INR 138 bn (equivalent to USD 3.12 bn) with INR 3.4 bn (equivalent to USD 77 mn) in microloans.



 

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