Regulations regarding composite licence still evolving, says Star Health
Star Health and Allied Insurance Company is planning to foray into life insurance business with focus on protection products. For the same, the health insurance firm is likely to apply to Insurance Regulatory and Development Authority of India (IRDAI) for composite insurance license. Once approval is given, the firm will be able to look at creating complimentary product offering.
Star Health and Allied Insurance Company is planning to foray into life insurance business with focus on protection products. For the same, the health insurance firm is likely to apply to Insurance Regulatory and Development Authority of India (IRDAI) for composite insurance license. Once approval is given, the firm will be able to look at creating complimentary product offering.
Currently, Star Health Insurance operates in the standalone health insurance business.
The insurance company also reported earnings for the December-ended quarter with gross written premium rise of 14.5 percent and the net premium earned up over 13 percent this quarter.
He said, “Regulations are still evolving and once they come into play, we will evaluate that. We are looking at opportunities that new regulations will provide to our company and our business. We will look at it positively when we get an opportunity.”
On earnings, Roy expressed confidence about the company's ability to achieve more than 20 percent growth in the financial year 2023.
“This year, we are very confident that we will do 20 percent plus growth and next year onwards, though I don't want to give future looking direction statements, but the way the business is poised to grow we should be able to do better than that,” he said.
One of the measures that Star Health Insurance has taken to improve its financial performance is a price hike in one of its leading products. Roy stated that this move will help to improve the loss ratios and that the loss ratios for the financial year 2023 are expected to be in the range of 63-65 percent.
In addition, Roy highlighted the company's aim to achieve a 20 percent contribution from the banc assurance channel. He expressed hope that the company will be able to end the year with a combined ratio of less than 95 percent.
Overall, Star Health Insurance appears to be well positioned for growth in the coming year, with a focus on improving financial performance through price hikes and increased contributions from the banc assurance channel.
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