MUMBAI: Star Well being and Allied Insurance coverage founder V Jagannathan is in talks with the TVS group for fairness participation by the Chennai-based conglomerate within the veteran’s new medical health insurance enterprise.
After exiting Star Well being, Jagannathan (79) has determined to begin one other medical health insurance firm. Former Star Well being CEO Dr S Prakash has joined Jagannathan within the new enterprise.Jagannathan had arrange Star Well being and Allied Insurance coverage after retiring as chairman of United India Insurance coverage.
By the way, the TVS group had previously owned an insurance coverage firm, Madras Motor and Common Insurance coverage, earlier than the nationalisation of the trade. Put up-nationalisation, Madras Motor merged into United India Insurance coverage. Subsequently, following liberalisation, Sundaram Finance – which was initially promoted by Madras Motor – floated Royal Sundaram Insurance coverage, a common insurance coverage firm.
Medical health insurance has been the fastest-growing phase within the insurance coverage trade with a progress fee of over 30%. Following this excessive progress fee, the share of medical health insurance has overtaken motor which was hitherto the most important. Complete medical health insurance premiums are anticipated to cross Rs 1 lakh crore in the course of the present monetary 12 months. Final 12 months, the entire premium from medical health insurance was Rs 90,667 crore.
Throughout the present monetary 12 months, the premium from medical health insurance has crossed Rs 70,479 crore as much as November. Of this, Rs 19,118 crore has come from 5 standalone well being corporations, with Star Well being being the most important – with Rs 8,825 crore between April to November 2023. The opposite standalone corporations are: Care Well being, Aditya Birla Well being, Niva Bupa and Manipal Cigna.
Given the excessive progress within the phase, different gamers are additionally taking a look at organising standalone medical health insurance corporations.
After exiting Star Well being, Jagannathan (79) has determined to begin one other medical health insurance firm. Former Star Well being CEO Dr S Prakash has joined Jagannathan within the new enterprise.Jagannathan had arrange Star Well being and Allied Insurance coverage after retiring as chairman of United India Insurance coverage.
By the way, the TVS group had previously owned an insurance coverage firm, Madras Motor and Common Insurance coverage, earlier than the nationalisation of the trade. Put up-nationalisation, Madras Motor merged into United India Insurance coverage. Subsequently, following liberalisation, Sundaram Finance – which was initially promoted by Madras Motor – floated Royal Sundaram Insurance coverage, a common insurance coverage firm.
Medical health insurance has been the fastest-growing phase within the insurance coverage trade with a progress fee of over 30%. Following this excessive progress fee, the share of medical health insurance has overtaken motor which was hitherto the most important. Complete medical health insurance premiums are anticipated to cross Rs 1 lakh crore in the course of the present monetary 12 months. Final 12 months, the entire premium from medical health insurance was Rs 90,667 crore.
Throughout the present monetary 12 months, the premium from medical health insurance has crossed Rs 70,479 crore as much as November. Of this, Rs 19,118 crore has come from 5 standalone well being corporations, with Star Well being being the most important – with Rs 8,825 crore between April to November 2023. The opposite standalone corporations are: Care Well being, Aditya Birla Well being, Niva Bupa and Manipal Cigna.
Given the excessive progress within the phase, different gamers are additionally taking a look at organising standalone medical health insurance corporations.
