Niva Bupa seeks to have gross written premium of Rs 10,000 cr by FY27

Health insurance company says Tamil Nadu among markets where it is seeking growth

Niva Bupa Health Insurance Company has said it expects to achieve a gross written premium (GWP) – an industry metric for total revenue – of Rs 10,000 crore by 2026-27, up from Rs 4,070 crore in 2022-23.

“In FY23, we had a gross written premium of Rs 4,070 crore and we expect it to cross Rs 10,000 crore by FY27, on an average of at least 28 per cent per annum. The three drivers of growth include digitisation, distribution and innovation,” said Nimish Agrawal, executive vice president and chief marketing officer, Niva Bupa Health Insurance.

The company said that it is betting on markets like Tamil Nadu to drive its growth. “Over the last three years, the category has grown at 24 per cent and we were growing at around 49 per cent. During the April-to-September period, we have grown at around 40 per cent. Our existing market share was 8.2 per cent for FY23 and in the month of October we were at 9.2 per cent. So, we are growing,” said Agrawal.

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Niva Bupa (formerly known as Max Bupa Health Insurance) hosted a symposium in Chennai to discuss the healthcare needs in the city and Tamil Nadu. The company said the symposium was organised to have a conversation on health insurance opportunities in the region.

“In the ever-evolving landscape of healthcare, understanding the nuances of health insurance has never been more crucial. As of September 2023, the total health insurance business in India for the Financial Year 2024 reached an impressive Rs 58,974 crore,” said Ankur Kharbanda, Chief Distribution Officer, Niva Bupa Health Insurance.
 

“Today's event marks a significant milestone in our ongoing mission to revolutionize health insurance accessibility. Recent data highlights that 65 per cent of health insurance purchases are initiated when an advisor reaches out to the consumer,” said Agrawal. The company said that it has 1072 offices nationwide and aims to achieve a GWP of Rs 5,000 crore by 2023-24.