Bharti AXA to double its health insurance business in 2011

Bharti AXA General Insurance Company Ltd, a 74.26 joint venture between Bharti Enterprises and AXA Group, has set the target of doubling its health insurance business in the calendar year 2011. The company has also plans to open 15 new branches in Western region of the country in the current calendar year.

Presently, 17 per cent of Bharti AXA General Insurance business comes from the health insurance segment. The company has a total of 58 branches across the country, including 14 branches in Western region, which includes Maharashtra, Goa and Madhya Pradesh and Gujarat.

“We are planning to double our business in health insurance segment from the current 17 per cent to 34 per cent in the current calendar year 2011,” Sanjay Radhakrishnan, vice-president, Western India, Bharti AXA General Insurance, who was here in Nashik, told Business Standard.

“We are also planning to open 15 new branches in Western region in the current calendar year 2011. Of which, 8 branches will be opened in Maharashtra, while rest of the 7 branches in Gujarat,” he said.

The company has achieved the new premium business of Rs 450 crore and has sold out 5.40 lakh policies by November end in the calendar year of 2010. Western region’s share during the same period was 35 per cent of total new premium business of the company, with sale of 1.15 lakh policies.