Private general insurance business is fairly new in India. It was only in 2000 that the market opened up, otherwise, it was a monopoly of the General Insurance Company (GIC) and its four subsidiaries. Until then, it was a business that was largely loss-making for those companies.
It's an industry, which has 18 private players and six public sector players in it. The competition is intense and not a whole lot of money has been made so far by the companies but the huge potential going forward is undeniable.
CNBC-TV18's Senthil Chengalvarayan caught up with ICICI's Lombard managing director and CEO Bhargav Dasgupta to take a stock of the industry situation and his outlook.
The nation's largest private general insurance company, ICICI Lombard completes 10 years of operations in India this year. Below is the edited transcript of Bhargav Dasgupta's exclusive interview on CNBC-TV18. Also watch the accompanying videos. Q: The sector is very competitive, especially after the detariffing happened and now people can price in risks. So it's made it extremely competitive. Is this a profitable business at the movement?
A: You
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