Higher COVID-19 claims drag ICICI Lombard’s profits

India-based nonlife insurer ICICI Lombard General Insurance Co. Ltd.’s net profit plunged 62% year-on-year to 1.5 billion Indian rupees ($20.3 million) in the fiscal first quarter ending June 30, due to underwriting losses resulting from higher COVID-19-related claims, Business Standard reported. The insurer saw 13% growth in gross direct premium income to INR 37.3 billion.