U.S. based investment firm Berkshire Hathway Inc., a selling agent of Bajaj Allianz Insurance Company, without disclosing the reason, announced discontinuing selling of the insurance products of its principal Bajaj Allianz for all their customers located in India. When contacted, Berkshire refused to comment on the same.
According to the sources connected with the matter informed that selling of online insurance product did not give business according to the expectations.
Bajaj Allianz however, confirmed that the company would continue to serve the customers who had purchased the insurance policies online. As the agent, Berkshire largely sold motor insurance through the BerkshireInsurance.com website.
Bajaj Allianz, which received certificate of registration from market regulator Insurance Regulatory and Development Authority on 2nd May 2001, is a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Finserv holds 74% of the share capital in the company and balance 26% is held by the later. The company has a authorized share capital of Rs. 110 crores.
