Well being insurer Niva Bupa mentioned it expects to attain gross written premium (GWP) — an trade measure of whole income — of Rs 10,000 crore by 2026-27, up from Rs 4,070 crore in 2022-23.
“In FY23, we had gross written premiums of Rs 4,070 crore and we anticipate it to cross Rs 10,000 crore by FY27, averaging at the very least 28 per cent yearly. Neva Bupa Well being Insurance coverage: “The three drivers of development embody digitalisation, distribution and innovation.”
The corporate mentioned it’s betting on markets like Tamil Nadu to drive its development. “Over the past three years, this class has grown by 24 p.c and we’ve got been rising by about 49 p.c. From April to September, we’ve got grown by about 40 p.c. Our present market share is 8.2 p.c for FY23, In October, it was 9.2 p.c. “So, we’re rising,” Agarwal mentioned.
Learn additionally: CCI has agreed to amass a further stake in medical health insurance firm Niva Bupa
Neeva Bupa (previously often called Max Bupa Well being Insurance coverage) hosted a seminar in Chennai to debate the healthcare wants of the town and Tamil Nadu. The corporate mentioned that the seminar was organized to carry a dialog about medical health insurance alternatives within the area.
“Within the ever-evolving healthcare panorama, understanding the nuances of medical health insurance is extra necessary than ever. As of September 2023, our whole medical health insurance enterprise in India for the yr has reached fiscal 2024 to Rs 58,974 crore.”
“In the present day’s occasion marks a major milestone in our ongoing mission to revolutionize entry to medical health insurance. Current information highlights that 65 p.c of medical health insurance purchases start when an advisor connects with a shopper,” Agarwal mentioned. The corporate has 1,072 places of work throughout nationwide and goals to attain a complete wage of Rs 5,000 crore by 2023-24.
(Tags for translation)Neva Bupa
