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Warren Buffett’s Berkshire Hathaway no longer to sell Bajaj Allianz online insurance

Berkshire's advent into Indian market announced with much fanfare has met with failure.

Written by Reuters | Mumbai | Published: July 17, 2013 4:34:12 pm

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.

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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 website.

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Bajaj Allianz said it would continue to service the customers who had bought insurance products through the website.

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