ICICI Lombard settles Aban Pearl’s
ICICI Lombard General Insurance Company, on Thursday said that it has promptly facilitated settlement of Aban Pearl’s total loss claim worth $235-million.Around 97 per cent of the claim amount of $235-million has already been paid within three-months of claim intimation by Aban Pearl and the remaining amount will be settled shortly, a press release issued in Mumbai said.
This pertains to an incident on May 13, when the semi-submersible rig Aban Pearl sank off the shore of Venezuela. The rig was reinsured with ‘A’ rated reinsurers from Lloyds market with the lead reinsurer being Argenta Syndicate.Other reinsurers included General Insurance Corporation of India, Trust International Insurance & Reinsurance Co of Bahrain, Zurich Insurance Co and SCOR Global P & C. The reinsurance broker for this insurance programme was Willis.
ICICI Lombard General Insurance’s Director-Corporate, Alok Agarwal, said “as a deeply customer-centric organisation, ICICI Lombard believes in prompt claim settlement.