The order follows a similar demand against New India Assurance, signaling a broader clampdown on GST treatment of co-insurance and reinsurance premiums.
The parametric product, underwritten by Swiss Re and provided locally by ICICI Lombard, was triggered by 40°C heatwaves in May, paying out to 46,242 low-income women in India.
AM Best assigns 'exceptional' National Scale Rating, while spotlighting general insurer's technology and analytics strategy to sustain market position.
ICICI Lombard prepares for leadership transition as Sanjeev Mantri is set to take over as MD & CEO from December 1, 2023, following the resignation of Bhargav Dasgupta.