Mumbai: ICICI Lombard is looking at expanding its presence in the rural sector across the country with a focus on weather and cattle insurance. Last yearICICI Lombard had a rural market share of 8 per cent and it plans to increase it to 11 per cent in FY 08.
The company plans to expand by activating rural marketing channels across 800 towns, which include rural marketing agents and chains of rural retail outlets. The company in conjunction with the World Bank-pioneered weather insurance in the country to cover vagaries of the weather for a wide variety of crops to farmers. The claim settlement of weather insurance are determined by objective data capture by independent weather stations.
The company plans to expand by activating rural marketing channels across 800 towns, which include rural marketing agents and chains of rural retail outlets. The company in conjunction with the World Bank-pioneered weather insurance in the country to cover vagaries of the weather for a wide variety of crops to farmers. The claim settlement of weather insurance are determined by objective data capture by independent weather stations.
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