Thursday, April 17, 2014

Bharti Axa To Focus More On Commercial, Health Insurance Segments

Private sector insurer Bharti AXA General Insurance Company has decided to focus on commercial lines, which has seen a formidable growth of 40% in the recent years. The insurer has witnessed growth in Marine and engineering segments along with various others despite the overall slump in general insurance.

The insurer will reduce its dependence on motor insurance segment step-by-step, and will focus on commercial lines and increase its share in the total business from the current 13% to up to 20 % next fiscal year.

“With the regulated pricing mechanism continuing in third party motor insurance, we will maintain our exposure in commercial vehicles to the minimum stipulated levels. In two years we expect commercial vehicles to account for 10% of the motor insurance revenue, with remaining 90% coming from private motor insurance," said Bharti Axa Chief Executive Officer & Managing Director Mr. Amarnath Ananthanarayanan.

“Globally AXA is a strong player in commercial lines and we are getting aggressive in India as well", he added.

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