ICICI Lombard warns fire insurance pricing is unsustainable as profit plunges 46%
Aggressive fire‑insurance pricing pushed underwriting losses to a 107.2% combined ratio, forcing ICICI Lombard to pull back and restore discipline. The insurer’s Q1 net profit dropped 46% to ₹403 crore, hit by two large fire claims and a Supreme Court motor‑TP ruling that raised reserves.