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Star Well being Insurance coverage targets to double its Growss Written Premium within the subsequent 4 years.| Picture
Standalone well being insurer Star Well being and Allied Insurance coverage Firm Ltd., has set a goal to double its Gross Written Premium to about Rs 30,000 crore over the subsequent 4 years, a high official stated right here on Wednesday.
Town-headquartered firm had recorded a GWP of Rs 15,254 crore in FY24 and reported a revenue after tax of Rs 845 crore up by 37 per cent over final monetary yr, Managing Director and Chief Govt Officer Anand Roy stated.
“We’re aspiring to develop quicker than the business. Our goal is to double our enterprise within the subsequent 4 years. Now we have been rising at 22 per cent (Compounded Annual Development Charge) from FY 2020-24. By FY28, our goal is to achieve Rs 30,000 crore (GWP). That is an inside goal that we’ve got set ourselves…,” he advised reporters.
Since its inception in 2006, Star Well being and Allied Insurance coverage Firm has accepted claims of about Rs 44,000 crore.
The doubling of Gross Written Premium can be primarily based on deeper penetration into markets together with tier II and III cities.
Within the Tamil Nadu market, Roy stated the corporate has grown considerably and considered one of two insurance coverage insurance policies offered within the state account for his firm.
Star Well being Insurance coverage’s retail premium crossed Rs 2,000 crore with over 12.5 lakh insurance policies offered in FY2024 within the Tamil Nadu market. With a give attention to digital know-how, the corporate has settled 88 per cent of claims by way of ‘cashless’ mode. It has a community of 90,000 brokers, 116 branches, 187 Star Gramin Bima Kendras (rural branches) and over 3,400 staff.
First Printed: Jul 03 2024 | 6:13 PM IST
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