Niva Bupa aims to achieve Rs 5,000 cr GWP; to expand footprint by FY23-24

Standalone health insurance player Niva Bupa Insurance, formerly Max Bupa Health Insurance, was eyeing to clock Rs 5,000 crore on its Gross Written Premium at the national level and Rs 800 crore in southern region by financial year 2023-24, the company said on Tuesday.

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Niva Bupa was also planning to bring in over 10 lakh people under the health insurance ambit by FY23-24, a company statement said.

"Niva Bupa has presence in 350 cities across the country which would further increase to over 600 cities by FY23-24. The company aims to achieve Rs 5,000 crore GWP by FY23-24," the statement said.

In the southern market, the brand recorded a a steady growth by registering 84 per cent in retail business over the last two years. Niva Bupa consolidated its position by expanding to 37 cities with 45 offices across Tamil Nadu, Karnataka, Andhra Pradesh, Telangana and Kerala.

The company aims to bring in more than 10 lakh people under the health insurance ambit by FY23-24. In Tamil Nadu alone, Niva Bupa has aggressive expansion plans and targets to provide health insurance cover to over two lakh people by FY23-24.

During the Covid-19 pandemic, the company paid Covid-19 related claims worth Rs 95 crore to 6,500 customers in the Southern market.

"The expansion is in line with Niva Bupa's vision of making quality healthcare services accessible to all and enabling people to lead a fulfilling life. We are excited to increase footprint in the Southern market as it's a step closer to our goal of bringing 10 lakh people under the ambit of health insurance by FY24", company MD and CEO, Krishnan Ramachandran said.

"Apart from expanding our presence in the Tier III and IV markets, we are also investing heavily in growing our product portfolio. We plan to continue on our growth journey by introducing more innovative products to serve the evolving and diversified needs of our customers", Ramachandran said.

According to company Director-Retail Sales, Ankur Kharbanda, the southern market was an important region for Niva Bupa, and the aim was to increase health insurance penetration in the nearby areas.

"Post the Covid-19 pandemic, the health insurance industry witnessed significant increase in awareness of health insurance and our endeavour is to raise awareness and provide quality healthcare access through our network hospitals", he added