Bharti AXA General sells 2,500 units of new two-wheeler policy

Bharti AXA General Insurance has sold 2,500 units of its two-wheeler long-term package policy which was launched about a couple of months ago, a company official said.

The private sector non-life insurer is now looking at a growth rate of 50 percent in terms of premium in the two wheeler long-term package policy over the next one year.

The policy is a comprehensive plan that offers multiple benefits like hassle-free renewals after 2 or 3 years and benefits on 'No Claim Bonus' "The company has already sold 2,500 two-wheeler long- term package policies with an average premium size of Rs 4,000 since its launch nearly a couple of months ago," Bharti AXA General Insurance Chief Underwriting Officer Parag Gupta told PTI.

"Now, the company is looking at 50 percent growth from the policy in terms of premium in the next one year." He said normally 10 percent of motor policies come for claim settlement before the company.

In an online poll conducted by Bharti AXA General Insurance with two-wheeler owners pan India, two main reasons cited for not renewing insurance were the hassle of yearly renewals and forgetting to renew on time.

Over 80 percent respondents said they would prefer to buy long-term two-wheeler insurance policies, preferably of three years.