ICICI Lombard pays Rs 177 cr to IOC as Jaipur unit fire claim

just settled a Rs 177-crore claim on account of a fire at Indian Oil Corporation’s (IOC) storage facility last October.

Casualty cover at the facility was estimated at about Rs 180 crore and ICICI Lombard, the lead insurer, paid Rs 177 crore last week. The payment was made by ICICI Lombard for itself as well as its co-insurers for the account. The insurance company held 50% of the account, followed by Oriental at 25%, Iffco Tokio at 15% and National Insurance at 10%.

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