ManipalCigna Health Insurance Registers 37% Rise In Gross Written Premium
ManipalCigna Health Insurance, a standalone health insurance company saw robust growth from the southern region - Andhra Pradesh, Karnataka, Kerala, Telangana and Tamil Nadu. The company has garnered over Rs 500 Crore gross written premium (GWP) with 37 per cent growth in the financial year 22-23 in the southern region.
The company said that as part of its expansion in the southern region, ManipalCigna Health Insurance aims at launching new branch offices and plans to hire more employees and nearly 10,000 agents for a South push in FY24 and expects its business to double to Rs 1000+ crore GWP in the next 2 years. The company had a claim settlement ratio of 88.32 per cent for the financial year 2022-23.
Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance, commented, “South India is one of the fastest growing markets for us, and we at ManipalCigna are committed to making a positive impact on people's health and financial well-being in the region. The partnership of Manipal Group’s local expertise – being the second largest hospital chain in India and Cigna Healthcare’s global experience has made us a truly differentiated healthcare financing provider. We believe that there is a substantial increase in the demand for health insurance due to the growing medical inflation, lifestyle diseases, communicable and non-communicable diseases, and we plan to continue on our growth journey in South India by providing affordable, predictable, and simple health insurance solutions to serve the evolving and diversified healthcare financing needs of our customers.
