The Warren Buffett-led Investment firm Berkshire Hathaway Inc will no longer sell online insurance products offered by Bajaj Allianz General Insurance for Indian clients,the Indian company said on Wednesday.
Bajaj Allianz did not give a reason for the U.S. firm’s decision but a source with direct knowledge of the matter said online insurance had failed to take off with customers. Berkshire India declined to comment.
Bajaj Allianz is a joint venture between India’s Bajaj Finserv and Germany’s Allianz SE. As their agent,Berkshire sold mainly motor insurance through the BerkshireInsurance.com website.
Bajaj Allianz said it would continue to service the customers who had bought insurance products through the website.