HDFC Ergo Aims for 18% Premium Growth in Retail Health Insurance for 2024-25

HDFC Ergo, a private general insurer backed by HDFC Bank and Ergo International AG, has reported an 18% increase in premium income from retail health insurance for the first half of this financial year. The company anticipates maintaining this growth rate throughout the fiscal year, according to an official statement on Thursday.

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Parthanil Ghosh, director and chief business officer of HDFC Ergo, shared that the insurer achieved a premium income of Rs 4,000 crore in the retail health insurance sector last fiscal year. This performance secured them a 9% market share nationally. In the current financial year's first half, they earned approximately Rs 2,000 crore in premiums, marking an 18% growth compared to the same period last year.

Growth Targets and Regional Performance

Ghosh stated that they aim for an 18% growth in retail health insurance premiums for the entire financial year. In West Bengal alone, HDFC Ergo collected Rs 240 crore in retail health insurance premiums. Last fiscal year, the company settled claims worth Rs 2,900 crore across India, including Rs 100 crore in West Bengal.

The insurer has introduced pre-approved cashless facilities for treatments such as chemotherapy and dialysis for chronic patients. This initiative aims to ease the financial burden on patients requiring long-term medical care.

HDFC Ergo's consistent growth in premium income reflects its strong market presence and customer trust. The company's focus on expanding cashless treatment options further enhances its service offerings to policyholders.