Synopsis

ICICI Lombard General Insurance is aiming to expand its retail health insurance share through product innovation. The Elevate Health policy, featuring industry-first options and AI-driven advice, is expected to drive sales. The company sees rising awareness and increased policy coverage as key factors for growth, projecting significant market expansion by FY’31.

Kolkata: ICICI Lombard General Insurance on Thursday said it is focusing on product innovation to increase its retail share in the health insurance segment. The private insurer reported a retail health insurance market share of 2.9 per cent, while its group insurance share stood at 11.4 per cent.

However, Sawe did not disclose the retail share of premiums within the company’s health portfolio.

In FY’24, the gross written premium for the health industry was Rs 1,07,800 crore, and this is projected to nearly triple to Rs 2,94,200 crore by FY’31, Sawe stated.

When asked about the reasons behind the increase in the retail share of the industry, Sawe cited a higher level of awareness about the necessity of health insurance and the increased coverage levels among existing policyholders will be the key drivers.