Galaxy Health Insurance Company Ltd, a standalone health insurer that received its IRDAI license in March 2024, has appointed G Srinivasan, former Managing Director of New India Assurance, as its MD and CEO.
The company was co-promoted by Venu Srinivasan, Chairman of TVS Motor, and V Jagannathan, founder of Star Health & Allied Insurance Co Ltd.
G Srinivasan is a highly acknowledged figure in the insurance industry with four decades of experience across various sectors of insurance. He has held senior leadership roles at United India Insurance Co. Ltd. and New India Assurance Co. Ltd.
Notably, it was under his leadership that New India went public. He has served on the Boards of multiple organizations, including GIC Re, and has held positions such as Chairman of the General Insurance Council and Director of the National Insurance Academy, Pune, said a company statement.
The Board of Galaxy includes Chairman Dr Sai Satish, a well-known cardiologist, and Sudarshan Venu, Managing Director of TVS Motor Company, as Director.
The company is preparing to launch health, personal accident, and travel insurance products, with operations set to begin soon.
In FY 2024, the Indian health insurance market reached ₹1.17 lakh crore and is expanding at a compound annual growth rate (CAGR) of 20 per cent.