Tata AIG eyes 30% CAGR growth in retail health portfolio in next 3 years

Tata AIG General Insurance on Wednesday said it is aiming to grow its retail health portfolio at a 30 per cent compounded annual growth rate (CAGR) over the next three years, driven by the expansion of its distribution network and the introduction of new riders. Additionally, the company aims to increase the share of retail health in its overall portfolio to 60 per cent, up from the current 50 per cent.

 

The company plans to expand its agent network from 92,000 to 1,50,000 over the next two years and invest in 1,000 employees to strengthen its health distribution network.

 

“Tata AIG expects retail health to grow at a CAGR of 30 per cent over the next three years. By this time, the share of the retail health portfolio will rise to 60 per cent from around 50 per cent currently,” said Rajagopal Rudraraju, executive vice-president, Tata AIG General Insurance.

 

Tata AIG General Insurance Company Limited is a joint venture between Tata Group and American International Group (AIG).

 

The health portfolio accounts for 21 per cent of the company’s gross written premium (GWP).

 

On Wednesday, the company launched five new riders with over 60 benefits, aimed at enhancing the flexibility and comprehensiveness of its retail health insurance products.

 

Pratik Gupta, senior executive vice-president, said, “The launch of these new riders is a critical step in our strategy to accelerate growth in the health insurance segment. We are focused on driving expansion across India, particularly in Tier-II and Tier-III cities, where healthcare access and awareness are rapidly increasing. By scaling up our network of branches, agents, and hospital partners, we aim to make quality healthcare more accessible to millions, supporting our projected growth in health insurance.”