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MUMBAI: Star Health and Allied Insurance founder V Jagannathan is in talks with the TVS group for fairness participation by the Chennai-based conglomerate within the veteran’s new medical insurance enterprise.
After exiting Star Health, Jagannathan (79) has determined to begin one other medical insurance firm. Former Star Health CEO Dr S Prakash has joined Jagannathan within the new enterprise.Jagannathan had arrange Star Health and Allied Insurance after retiring as chairman of United India Insurance.
Incidentally, the TVS group had previously owned an insurance coverage firm, Madras Motor and General Insurance, earlier than the nationalisation of the trade. Post-nationalisation, Madras Motor merged into United India Insurance. Subsequently, following liberalisation, Sundaram Finance – which was initially promoted by Madras Motor – floated Royal Sundaram Insurance, a common insurance coverage firm.
Health insurance coverage 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 insurance has overtaken motor which was hitherto the most important. Total medical insurance premiums are anticipated to cross Rs 1 lakh crore through the present monetary yr. Last yr, the full premium from medical insurance was Rs 90,667 crore.
During the present monetary yr, the premium from medical insurance has crossed Rs 70,479 crore as much as November. Of this, Rs 19,118 crore has come from 5 standalone well being firms, with Star Health being the most important – with Rs 8,825 crore between April to November 2023. The different standalone firms are: Care Health, Aditya Birla Health, Niva Bupa and Manipal Cigna.
Given the excessive progress within the phase, different gamers are additionally taking a look at organising standalone medical insurance firms.
After exiting Star Health, Jagannathan (79) has determined to begin one other medical insurance firm. Former Star Health CEO Dr S Prakash has joined Jagannathan within the new enterprise.Jagannathan had arrange Star Health and Allied Insurance after retiring as chairman of United India Insurance.
Incidentally, the TVS group had previously owned an insurance coverage firm, Madras Motor and General Insurance, earlier than the nationalisation of the trade. Post-nationalisation, Madras Motor merged into United India Insurance. Subsequently, following liberalisation, Sundaram Finance – which was initially promoted by Madras Motor – floated Royal Sundaram Insurance, a common insurance coverage firm.
Health insurance coverage 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 insurance has overtaken motor which was hitherto the most important. Total medical insurance premiums are anticipated to cross Rs 1 lakh crore through the present monetary yr. Last yr, the full premium from medical insurance was Rs 90,667 crore.
During the present monetary yr, the premium from medical insurance has crossed Rs 70,479 crore as much as November. Of this, Rs 19,118 crore has come from 5 standalone well being firms, with Star Health being the most important – with Rs 8,825 crore between April to November 2023. The different standalone firms are: Care Health, Aditya Birla Health, Niva Bupa and Manipal Cigna.
Given the excessive progress within the phase, different gamers are additionally taking a look at organising standalone medical insurance firms.
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