Bharti AXA records 46% growth in GWP in first half

Bharti AXA General Insurance has recently said the company has registered a 46 per cent rise in its gross written premium at Rs 1,586 crore in the first half of 2019-20. The insurer had collected Rs 1,087 crore in the corresponding period of the previous financial year, Bharti AXA General Insurance said in a statement. All product segments saw growth, led by commercial lines, motor, crop and health insurance, it said.
Motor, health and travel led the growth for retail channel which registered a 38 per cent increase in revenue in April-September 2019 over the same period a year ago, Bharti AXA General Insurance Managing Director Sanjeev Srinivasan. The company expects to grow faster than industry in the second half of 2019-20 as well, he said adding that increasing distribution network, new partnerships along with prudent product pricing have been key drivers for the company’s growth in both retail and corporate businesses.
In the first half of 2019-20, the country witnessed multiple catastrophic events. Cyclones, such as Fani, Maha, and Bulbul, and extensive floods in Maharashtra, Gujarat, Bihar and several other states put customers through distress, he said. While these calamities 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, he added.