Arbitration Award Issued in Claim Dispute Against ICICI Lombard General Insurance Company Limited
ICICI Lombard General Insurance Company Limited has received an Arbitration Award related to a long-standing claim dispute, where the Arbitral Tribunal ruled in favor of the Insured. The ruling details the compensation due from the company regarding multiple insurance policies previously held by the claimant.The dispute concerned M/s. Roadway Solutions Narayanpur Roads Project Pvt. Limited (the Insured) and was originally brought against Bharti AXA General Insurance Company Limited, whose business was acquired by ICICI Lombard in September 2021. The proceedings involved a total of six insurance policies obtained by the Insured from the erstwhile insurer.
The aggregate claim amount that was under dispute prior to the award was approximately ₹ 892.54 million. The Arbitral Tribunal subsequently issued an Arbitration Award in favor of the Insured, ordering the company to pay a specified amount along with interest.
Key details regarding the litigation and its outcome are summarized below:
| Particulars | Details |
|---|---|
| Insured | M/s. Roadway Solutions Narayanpur Roads Project Pvt. Limited |
| Award Amount | ₹ 776.73 million |
| Interest Rate | 7.5% per annum |
| Timeline for Interest Calculation | From the date of filing of Statement of Claim until payment is made |
| Dispute Period | Insurance policies were issued between September 2018 and September 2020 |
Following the issuance of the Arbitration Award on July 13, 2026, ICICI Lombard stated that it is currently evaluating all available legal remedies. While the award dictates a payment obligation, the company has noted that there is no material financial impact on its financial position at this time.
ICICIGI Stock Price Movement
ICICI Lombard General Insurance Company Limited shares gained 0.71% on Tuesday, with the stock settling at ₹1788.10 after closing higher. The equity saw a traded volume of 1.08 million shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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