ICICI Lombard settles insurance claim case with KPIT Tech for INR 450 mln
This story was originally published at 16:10 IST on 17 December 2024
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NEW DELHI – ICICI Lombard General Insurance Co. Ltd. has settled an insurance claim case with KPIT Technologies Ltd. by paying INR 450 million to the latter, the insurance company said in an exchange filing. The National Consumer Disputes Redressal Commission in Delhi disposed of the case following an amicable settlement between the parties.
The case has its genesis in ICICI Lombard issuing a professional indemnity technology insurance policy to KPIT Technologies from Mar. 12, 2014 to Mar. 11, 2015. The insurance policy covered claims arising out of professional negligence of all subsidiaries of KPIT Technologies spread across the globe.
KPIT Technologies in July 2014 notified ICICI Lombard about a litigation filed against one of its subsidiaries in the US for breach of contract. KPIT Technologies moved the National Consumer Disputes Redressal Commission after ICICI Lombard closed the claim.
On Monday, shares of ICICI Lombard ended 2.4% lower at INR 1,917.30 on the National Stock Exchange, while those of KPIT Technologies closed 1.5% lower at INR 1,511.25. End
Reported by Surya Tripathi
Edited by Saji George Titus
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