Chennai: Bharti AXA General Insurance, the latest entrant into the general insurance industry, plans to recruit close to 1,700 people during the course of the next year. It currently has 200 people on its rolls, Mr Milind Chalisgaonkar, the CEO of the company, said. Operating out of seven cities — Bangalore, Mumbai, Delhi, Ahmedabad, Hyderabad, Ludhiana and Chennai — the company plans to grow to 29 branches by the end of this year.
Asked if the company was not a rather late entrant, Mr Chalisgaonkar pointed to the 200 per cent growth in general insurance premium since liberalisation. He also quoted a Swiss Re study that predicted the general insurance market premium would treble in the next eight years and touch about one lakh crore. He mentioned that even smaller markets such as Singapore had about a hundred insurance companies operating and that India itself had nearly 100 companies before nationalisation in the seventies. He said that they would not be the last entrant for long.
Source: The Hindu Business Line
Thursday, August 14, 2008
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