Excelsior Correspondent
JAMMU, Dec 25: Bharti AXA General Insurance, today said the company has registered 46 per cent growth in its gross written premium at Rs 1,586 crore in the first half of financial year 2019-20 against Rs 1,087 crore in the corresponding fiscal period a year ago.
Commenting on the steady business performance in the first half of 2019-20, Sanjeev Srinivasan, Managing Director and Chief Executive Officer, Bharti AXA General Insurance, said, “The healthy double-digit growth in the first half of this fiscal across all product lines and channels, has been achieved by enhancing distribution bandwidth, forging strategic business alliances and diversifying product lines and channels. We expect to grow better than industry in the second half of 2019-20 as well.”
He said all product segments saw robust growth, led by commercial lines, motor, crop and health insurance. The company’s focus on segments like SME & MSME yielded a 79 per cent growth in the commercial lines segment. Its continued focus on building partnerships with motor insurance service providers through brokers and direct relationships helped enhance market share in both these segments.
He further said, in the first half of 2019-20, the country witnessed multiple catastrophic events. Cyclones such as Fani, Maha, Bulbul, extensive floods in Maharashtra, Gujarat, Bihar and several other States put customers through distress. While these tragedies increased the number of claims, Bharti AXA General Insurance was in the forefront to manage each calamity and ensure that the customers received speedy and fair claim settlement, with more than 70 per cent claims being settled within the first 10 days of claim intimation.
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