Niva Bupa Health Insurance, India's third-largest standalone health insurer, is setting ambitious growth targets for its retail health insurance segment, aiming for a compounded annual growth rate (CAGR) of 23-24% over the next three to four years. This is significantly higher than the expected industry growth rate of 16-17%. The company's strategy hinges on its multi-distribution approach and ongoing investments in technology. In FY26, Niva Bupa reported a gross written premium (GWP) of ₹9,432.9 crore (approximately $1.14 billion USD), with retail health insurance contributing nearly 70% of this total, amounting to ₹6,581.5 crore (around $800 million USD). The segment experienced a remarkable 35% year-on-year growth, spurred by a reduction in the goods and services tax (GST) on retail health policies from 18% to zero, leading to an increase in average policy sizes. However, the insurer faces challenges from rising claims, with its claims ratio increasing to 64.9% in FY26 from 63.8% the previous year. Niva Bupa is also considering premium adjustments based on claims experience, aiming to reduce its combined ratio to 99% by FY29.