ICICI Lombard-Bharti AXA deal seen a leg-up for bancassurance sector

ICICI Lombard’s deal with Bharti AXA General Insurance is expected to increase the market share of the company in the motor insurance segment. It will also enhance its business through the bancassurance and corporate agency tie-ups that Bharti AXA had formed in the recent past. Currently, ICICI Lombard has around 10 per cent market share in the motor insurance business. After the merger, it will command 12 per cent market share. Furthermore, the consolidated entity will have a market share of 8.7 per cent in the non-life business, making it the third-largest non-life insurer in the general insurance business.

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