Star Health aims to double premium baseApril 17th, 2008 - 7:23 pm ICT by admin
Chennai, April 17 (IANS) The country’s first stand-alone health insurer, Star Health and Allied Insurance Company Ltd, is targeting to double its premium base to Rs.3.5 billion this fiscal year (FY), a top company official said. Addressing the media here Thursday, V. Jagannathan, chairman and managing director, said: “Our target for FY 2009 is Rs.3.5 billion up from Rs.1.7 billion premium income in FY 2008.”
He said the company would achieve the target by increasing its distribution reach to 131 branches from the current 114 and with differentiated product offering at competitive rates.
The company will also increase its agency force from the current strength of 16,000.
Looking back at the fiscal that went by, he said the net retained premium after reinsurance is Rs.1.2 billion and the claims ratio is just 43 percent. The investment income was around Rs.100 million and the provisional net profit around Rs.550 million.
As to the business mix for the company that vends health, personal accident (individual and group) and overseas travel insurance, Star Health earned around Rs.600 million from the retail end and the balance from group and government sectors.
Star Health is the lead insurer for Andhra Pradesh government’s Arogya Sri health insurance scheme.
“The claims experience is better in the case of retail segment compared to the corporate sector that goes for group insurance policies,” said Jagannathan.
The company issued 200,000 policies last year and settled 6,550 claims.
During the year under review, the company had infused Rs.360 million to increase its equity base to just over Rs.1.08 billion.
Looking forward, Jagannathan said the target for retail business this fiscal is Rs.1.5 billion and the balance from group and government business.
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