Bharti AXA paves up insurance business

Mumbai, Aug 7: Bharti AXA General Insurance Company Limited, a joint venture between telecom major Bharti and AXA, announced the launch of their business operations. The company has already received Insurance Regulatory Development Authority's (IRDA) approval and will offer insurance products to the large corporate, medium small enterprises, a wide range of products that cover property, projects and engineering, cargo, motor, health, personal accident and travel, Bharti AXA said here.

Commenting on the launch, Bharti AXA General Insurance, Chief Executive Officer Milind Chalisgaonkar said, ''The company will start with a capital base of Rs 130 crore initially and plans to raise it up to Rs 645 crore in the next five year.'' ''The General Insurance market is one with strong growth potential, and we are confident of serving customers with innovative products, strong distribution, personalized service and efficient claims settlement,'' he asserted.

Currently, Bharti AXA have seven offices across the country, and it plans to expand to 29 locations by the end of the first year of operations.

UNI