Bharti AXA to expand commercial line business

Insurer plans to introduce new products in order to concentrate, expand commercial line business

Private sector general insurer Bharti AXA crossed Rs 1,000-crore gross written premium mark for the year 2012. The insurer plans to introduce new products in order to concentrate and expand its commercial line business which currently contributes only 12 per cent to their entire business.

Amaranath Ananthanarayanan, chief executive at Bharti AXA general insurance says they collected Rs 1,000 crore premium over four years of operation. “Along with focusing on the new commercial line business, we will also look into the southern and eastern regions which are currently contributing less.”

The insurer wants to go heavy on the commercial line business as the premium rates are picking up there. Under the commercial line business, the insurer wishes to focus on project and marine segment, SME segment and new packaged policies as well.

The company plans to introduce pension, unemployment and long term care products in the near future. Talking about capital requirement from the promoters to support future growth, Ananthanarayanan said the general insurer needs around Rs 150 crore-Rs 200 crore of capital for future growth but is adequately capitalised as of now. The general insurer also expects to break even in the coming two years.