With a focus on commercial lines of business, Bharti AXA General Insurance is targeting a 60 per cent revenue growth in Kerala this year. The company has collected a premium of Rs 27.56 crore in 2012 by selling 22,048 policies.
At present, much of the business in the State comes from motor insurance. However, the company now started offering business package policies targeting SME’s and individuals, Amarnath Ananthanarayanan, Managing Director and CEO told reporters.
The policies included shopkeepers package, home package, office package and business advantage products targeted at individuals, small and mid-scale industries, he said.
“Kerala has a huge potential in the underserved SME segment and our main focus is to create a dedicated distribution network for SME’s and provide package products offering a simple yet effective solution for our clientele to benefit from,” he said.
The company also intends to increase its penetration in Kerala by adding employee strength and opening a new branch in Thiruvananthapuram.
Despite being late entrant into the general insurance market, the company has registered a 45 per cent growth from 2011 to 2012. It had registered a sales turnover of Rs 1,175 crore in 2012 and is looking at a 35 per cent growth in 2013, he said.
It had sold over 2.4 million policies and over 3.9 lakh claims settled since its inception. The top three contributors to the overall business are motor insurance at 68 per cent followed by health and personal accident at 21 per cent and commercial lines at 11 per cent for calendar year 2012.
In terms of zonal contributions, the West leads with 35 per cent, followed by the North at 33 per cent, the South at 26 per cent and the East at 6 per cent.