Bajaj Allianz clocks Rs 53 crore biz

Bajaj Allianz crossed a business of Rs 53 crore in the last fiscal registering a robust growth among the private insurers in the Kozhikode region.

Addressing a press conference here, senior area manager N S Govinda Kumar said that Bajaj Allianz had sold 16,100 policies in 2003-04, the first year of operation, and 5,800 in 2004-05 in the region.

The company registered a growth of 300 per cent in the last fiscal in the state.

"This year we expect to meet the targeted growth of 250 percent," Govinda Kumar said. The number of officers in six districts of Malabar has grown from one to 23 within last three years. The regional office has 1,500 insurance consultants under its jurisdiction.

He said the firm, a joint venture of Bajaj Auto Limited and Allianz Ag of Germany had already grabbed a market share of 7.5 percent in India. The company recorded a growth of 216 percent in the country last year .The market share of Bajaj Allianz among private firms is 26.5 percent.