Standalone health insurer Star Health and Allied Insurance Company Ltd., has set a target to double its Gross Written Premium to about Rs 30,000 crore over the next four years, a top official said here on Wednesday.
The city-headquartered company had recorded a GWP of Rs 15,254 crore in FY24 and reported a profit after tax of Rs 845 crore up by 37 per cent over last financial year, Managing Director and Chief Executive Officer Anand Roy said.
“We are aspiring to grow faster than the industry. Our target is to double our business in the next four years. We have been growing at 22 per cent (Compounded Annual Growth Rate) from FY 2020-24. By FY28, our target is to reach Rs 30,000 crore (GWP). This is an internal target that we have set ourselves…,” he told reporters.
Since its inception in 2006, Star Health and Allied Insurance Company has approved claims of about Rs 44,000 crore.The doubling of Gross Written Premium would be based on deeper penetration into markets including tier II and III cities.
In the Tamil Nadu market, Roy said the company has grown significantly and one of two insurance policies sold in the state account for his company.
Star Health Insurance’s retail premium crossed Rs 2,000 crore with over 12.5 lakh policies sold in FY2024 in the Tamil Nadu market.
With a focus on digital technology, the company has settled 88 per cent of claims through ‘cashless’ mode.
It has a network of 90,000 agents, 116 branches, 187 Star Gramin Bima Kendras (rural branches) and over 3,400 employees.
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