• Combined ratio trajectory: Excluding the impacts of the Supreme Court motor third-party ruling and two large fire losses, Q1 combined ratio remained stable at 102.3% compared to 102.2% in the same quarter last year.
• Motor TP impact: The recent Supreme Court judgment is preliminarily estimated to raise the industry's motor third-party loss ratio by 12% to 15%, while ICICI Lombard maintains a balanced motor mix of 50% own damage and 50% third-party.
• Claim reserving provision: Applying its conservative reserving approach, the company recognized an additional reserve of ₹165 crore in Q1 as a margin of safety to cover potential liabilities from the court ruling.
• Fire claims exposure: Two large fire losses created a ₹63 crore impact, adding roughly 1% to the combined ratio in Q1, though management noted no structural change in its fire underwriting strategy.