The Hindu Business Line : AP deals buoy Star Health premium flow

Chennai, Oct. 3 Star Health and Allied Insurance has reported a Rs 100-crore premium income for the April-June period of the current financial year, thanks to the company being chosen as the insurer for two social insurance schemes sponsored by the Government of Andhra Pradesh.

The company earned Rs 66 crore of premium income for AP government’s Aarogyashri scheme covering 20 lakh below-poverty-line families in three districts of the State. The scheme provides cover for surgeries related to heart, kidney, cancer, brain, poly trauma and burns.

A cheque for Rs 37 crore (including service tax) for the second instalment payment for the cover was received from the AP government on Monday, Mr V Jagannathan, Chairman, Star Health, told journalists here today.

The AP government also renewed the contract with Star Health for coverage for the Aapathbandhu scheme, providing accident cover for 7.87 crore poor persons. Star Health charged Rs 10 crore for the cover; this year, it raised the premium to Rs 13 crore.

The standalone health insurer also sold policies for Rs 20 crore in the market. With all this, the company expects to achieve premium earnings of at least Rs 200 crore in 2007-08, Mr Jagannathan said.

Meanwhile, Star Health’s ‘high-end policy’ is likely to receive IRDA’s approval shortly.

More Stories on : General Insurance | Andhra Pradesh | Social Welfare

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