Bharti AXA General Insurance targets SME sector

MUMBAI: Bharti AXA General Insurance, a joint venture between Bharti, India’s diversified business group and AXA, a financial protection and wealth management group will be targeting the small and medium enterprise sectors for growth potential.

“There were 13 million SMEs in the country. Risk mitigation and insurance are ‘vital' as a single devastation can wipe out the livelihood for these promoters and people working for them,” said, Dr Amarnath Ananthanarayanan, Chief Executive Officer, Bharti AXA General Life Insurance Company.

“The rest comes from large insurance contracts, among others. As of now our business contribution from SMEs is not significant. But this will change,” he added.

With the introduction of risk management advisory and consultancy studies for small and medium enterprises, Bharti AXA General Insurance Company is eyeing at 20 percent of the business from SME sectors. In the present scenario, the contribution of this sector to business volume is very little with motor insurance accounting to 65% of the company’s business followed by health and personal accident insurance with 25%.