Star Health aims to double its gross written premium to ₹30,000 crore by FY28

Star Health and Allied Insurance Co Ltd, a leading standalone health insurance company, aims to double its gross written premium (GWP) to ₹30,000 crore by FY28. This ambitious goal is supported by deeper market penetration in both urban and rural areas.

The Chennai-headquartered company’s gross written premium grew to ₹15,251 crore in FY24 from ₹12,951 crore in FY23. During FY20-FY24, the company grew at a CAGR of 24 per cent.

“Many companies have entered the health insurance space and many new applicants are also coming into the industry because the opportunity is very large. So we aspire that whatever we could achieve in the last 18 years, we want to double that in the next four years, Anand Roy, MD & CEO, Star Health and Allied Insurance Company Ltd said while announcing the availability of home healthcare services for its customers across 50 cities.

He expressed confidence that the company’s strategies would enable it to achieve the ₹30,000 crore GWP target, primarily through increased penetration in rural markets and expanded market share in urban areas.

Star Health is a leading player in its home state of Tamil Nadu, holding over 50 per cent of the market share, and maintains a strong presence across other states in India. The company has issued over 12.5 lakh policies and generated more than ₹2,000 crore in premiums in Tamil Nadu alone in FY24.

Star Health believes that health insurance penetration in India is still very limited and there is huge headroom for making more progress.

Roy stated that Star Health was aspiring to not only grow faster than the industry but also want to grow with profits.

He highlighted the company’s strong financial health, with a solvency ratio of 2.2 times, well above the IRDAI requirement of 1.5 times. The company reported a profit after tax of ₹845 crore in the last financial year, a 37 per cent increase from the previous year.

On Wednesday, the company announced the availability of its home healthcare services for its customers in about 50 cities across India. The company has collaborated with Care24, Portea, CallHealth, Athulya Homecare, and Argala to offer in-home medical care in India. “We are providing hospital at the house, not replacing family physicians,” said Roy.

Star Health customers can now avail 100 per cent cashless home healthcare facility for a range of infectious diseases through the company’s app. Also, customers can use the toll-free number 044-69006900 to avail the services. This service promises to make the doctors available within a short time as well as diagnostic tests at doorsteps.

The cost of the home healthcare services will be adjusted against the sum insured of the customers. The personalised doorstep healthcare services will be available for customers of all its 57 products.