Bharti AXA General Insurance Launches Long-term Two-Wheeler Policy

Bharti AXA General Insurance on Thursday launched a long-term two-wheeler policy to increase convenience to customers. General insurers, including ICICI Lombard, HDFC Ergo and Bajaj Allianz General, have introduced policies that do not need renewal for three-years.

Bharti AXA General Insurance said it decided to launch this policy after a poll indicated that more than 80% respondents prefer a long-term policy that they did not need to renew frequently. The policy comes with the added benefit that it will not be affected by the annual rate hike that insurance regulator IRDAI announces every April.

“As per industry projections, the two-wheeler segment is expected to grow at CAGR of 10%-12% till FY20. Additionally, as per IRDAI about 75% of two wheelers are either uninsured or have lapsed insurance policies. We are confident that our two-wheeler long-term plan will cater to all the needs of a rider and create a strong foothold for us within the two-wheeler insurance category," said Parag Gupta, chief underwriting officer, Bharti AXA General Insurance.