ICICIGI — ICICI Lombard Q1 profit hit by fire losses, higher motor claim provisions

ICICI Lombard General Insurance reported a Q1 net profit of ₹403 crore, impacted by two large fire-related claims and ₹165 crore in prudential provisions for motor third-party (TP) claims. The provisions follow a Supreme Court ruling that raised the minimum income threshold for calculating compensation for homemaker victims. The insurer's combined ratio deteriorated to 107.2%, its worst since Q1FY22, with the motor TP loss ratio expected to rise 12-15% across the industry due to the ruling.