Bharti AXA targeting 1st premium biz of Rs 800 cr

| | Updated on: May 05, 2011

Bharti AXA General Insurance Company Ltd on Thursday said it is targeting first premium business of Rs 800 crore nationally this calendar year.

Last year, Bharti AXA had collected Rs 500 crore, Mr Sanjay Radhakrishnan, Senior Vice President, Head-Corporate and Alternate Distribution, told reporters here.

Bharti AXA General Insurance company is a joint venture between Bharti Enterprises and AXA, a world leader in financial protection. The company was looking at business of Rs 250 crore from South India this year.

Right from its inception, first premium business in South India amounted Rs 230 crore from 1.6 lakh policies, he said.

The company also aims to further deepen its penetration in the SME segment across Kerala, Mr Manoj Nair, Zonal VP-South, said.

It was offering ‘packaged policies’ targeted at shopkeepers, the hospitality segment and small scale industries.

These are not only cost-competitive, but also significantly reduce the hassles associated with procuring of insurance policies through instant and on the spot issuance of pre-underwritten products.

Bharti AXA which already has a branch in Kochi, will open a second one in Kozhikode in October this year. The two branches, along with six spoke locations, will serve the SME segment across Kozhikode, Thiruvananthapuram, Kollam, Kottayam, Thrissur, Malappuram, Palakkad, Kannur and Kasaragod districts.

The company also plans to increase its headcount by 50 per cent and build its business to about Rs 15 crore in Kerala by December this year from the present 7.4 per cent.

Published on May 05, 2011

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