Star Health Insurance Targets Rs 1,100 Cr Worth Business in 2012-13

With retail and individual health insurance policies as its new focus areas, Star Health and Allied Insurance, the largest standalone health insurance company in India, is targeting a gross underwritten premium of Rs 1,100 crore in the financial year 2012-13.

This was reported by mydigitalfc.com.

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This is somewhat lower than the target achieved in 2010-11, when Star Health grew by 30 per cent in gross underwritten premium, to Rs 1,248 crore.

The company recently lost the state-sponsored health insurance contracts in Tamil Nadu and Andhra Pradesh. It also saw a decline of 11 per cent in its gross underwritten premium in 2011-12.

The company saw its individual health insurance business clock a new premium income of Rs 600 crore this year, as against Rs 300 crore last year.

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The company lost Rs 600 crore annual premium after losing the Tamil Nadu government scheme and Rs 200 crore on the Andhra Pradesh government scheme.

For the 10-month period between April 2011-January 2011, Star Health saw its gross written premium decline by 14 per cent to Rs 1,009 crore, against Rs 1,175 crore in the corresponding period the previous year.

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About 80 per cent of the company’s total business comes from health insurance, while the remaining 20 per cent comprises personal accident and overseas travel insurance.

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Source-Medindia