Star Health eyes Rs 3,400-cr biz from TG, AP in next 4 yrs

Hyderabad: Chennai-based Star Health Insurance, a retail health insurance company, has set a target to double its business (total premium) to about Rs3,400 crore over the next four years from Rs1,406 crore premium collected under retail health insurance and about Rs 200 crore from corporate, (broker, group and digital) verticals in the financial year 2024, in Telangana and Andhra Pradesh.

Star Health Insurance has nearly 100 branches, 76,000 agents and 1,350 employees in both the Telugu States. The insurer has paid out Rs 3,330 crore in claims over the last five years, and Rs 920 crore in FY’24, in Telangana and Andhra Pradesh.

“We have collected a total retail health insurance premium (new and renewed) of Rs 931 crore in Telangana and Rs 475 crore in Andhra Pradesh in FY’24, besides Rs 200 crore from other verticals. We are looking to close FY’25 with a business of Rs 1,069 crore in Telangana and Rs 586 crore in AP, besides the Rs 300 crore from other verticals,” Executive President of Star Health and Allied Insurance, Sanath Kumar said.

He further said that by delivering comprehensive insurance solutions, driving insurance awareness

initiatives, growing footprint, and introducing innovative solutions, Star Health aims to double its revenue in these two States over the next four years.