Star Health and Allied Insurance Company Ltd., a private insurer in India, has announced ambitious plans to significantly increase its Gross Written Premium (GWP) from its current level of ₹15,254 crore to approximately ₹30,000 crore over the next four years. The company’s Managing Director and CEO, Anand Roy, stated that the goal is to grow faster than the industry average and double the business within this timeframe.
In the financial year 2024 (FY24), Star Health Insurance reported a net profit of ₹845 crore. The company has been growing at a Compounded Annual Growth Rate (CAGR) of 22% from FY20 to FY24, and aims to reach the ₹30,000 crore GWP target by FY28. This growth target is an internal target set by the company.
On Wednesday, Star Health Insurance introduced 100% cashless home health care services in over 50 cities across India. This service is designed to provide treatment for infectious ailments such as fever, acute gastroenteritis, urinary tract infection, and acute gastritis. The company has partnered with leading providers like Care24, Portea, CallHealth, and Athulya Homecare to offer in-home medical care.
Customers can avail of this service by calling a toll-free number or using the Star Health mobile app. The end-to-end package covers all expenses related to professional fees, nursing fees, medicine, and lab tests, with no out-of-pocket expenses. Doctors will be available at the customer’s doorstep within a short span of time, and customers will have easy access to medication, diagnostic tests, and specialized care.
In the financial year 2024, Star Health Insurance’s retail premium in Tamil Nadu surpassed ₹2,000 crore with over 12.5 lakh policies sold. This indicates a strong presence and growth in the Tamil Nadu market for the company.
