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With continuing momentum in the health insurance business, Star Health Insurance and Allied Insurance (SHIAI) aims to end the current fiscal with more than 40 per cent growth in its gross written premium.
“We have managed to achieve ₹1,530 crore during April-November 2016 and I believe we would be able to achieve premium of ₹2,800-₹3,000 crore by the end of this financial year,” V Jagannathan, Chairman and Managing Director, SHIAI, told BusinessLine . In 2015-16, the company, a leading private standalone health insurance player, achieved a total premium of ₹2,007 crore (against ₹1,469 crore in 2014-15). “As part of our philosophy of creating need-based health insurance products, we offer cover not only to healthy individuals but also patients who have undergone treatment for congenital/ life threatening diseases. They include Senior Citizen Red Carpet, Star Diabetes Safe and Star Cardiac Care, among others,” he added.
Star Health’s major growth markets include Tamil Nadu, Maharashtra, Kerala and Karnataka, among others. Jagannathan also said the company was working on one or two new products to further strengthen its product portfolio and drive growth.
The insurance industry regulator Insurance Regulatory and Development Authority of India (IRDAI) had come out with a new set of health regulations in July, 2016, allowing wellness incentives as part of insurance products. This move marked the beginning of a major transition in the healthcare and wellness industry.
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