Tata AIG eyes 5% share of retail health insurance biz in Telangana, AP by FY
Tata AIG eyes 5% share of retail health insurance biz in Telangana, AP by FY
HYDERABAD: Buoyed by the 3X growth in its retail health portfolio in the twin Telugu states of
Telangana
and
Andhra Pradesh
over the past year, general insurer
Tata AIG General Insurance
Company (Tata AIG) is targeting increasing its market share to 5% in these states in the next one and a half to two years.
'Telangana and AP present strong growth opportunities. Over the past two years, we have increased our retail health market share from 2.1% to 3.6%, and we are targeting 5% in the near future. To drive further growth, we plan to add 15,000 more distribution partners,' said Pratik Gupta, head of agency, Tata AIG, at the rollout of the insurer's new offering in theTelugu states.
Pointing to the rising
healthcare costs
in Telangana and Andhra Pradesh, Rudraraju Rajagopal, head - accident & health claims, Tata AIG, said the insurer had a claim settlement ratio of 97% in the two states in FY25 with cashless utilization at 81% in Telangana and 68% in Andhra Pradesh.
He said the two states accounted for 8% of the total retail health business for the industry that stood at Rs 47,000 crore in FY25, of which the company clocked a total retail health business of Rs 1186 across the country.
The insurer already has a presence across 51 districts in the two states with key branches in Hyderabad, Visakhapatnam, Vijayawada, Warangal, Karimnagar, and Nellore. It has a network of over 1600 hospitals and 14,500 advisors across the two states.
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