Star Health sprints past competitors in retail, gains 34% market share

Star Health and Allied Insurance Co Ltd, a standalone health insurer, continues to outpace industry growth and gain market share in the retail health segment.

The health insurance industry, including PA (personal accident), grew by 15.1 per cent in the September quarter, supported by 18 per cent growth in the group health and 17 per cent growth in the retail health segments, according to the Chennai-headquartered company.

In comparison, it recorded 22 per cent growth in its retail health segment, garnering 34 per cent market share in the segment, which is three times that of the second largest player in the industry.

“We continue to grow faster than the market rate and are increasing our retail health market share,” said Anand Roy, Managing Director, during the Q2FY23 earnings call.

During the first half of this fiscal, the company’s retail health market share stood at 33 per cent, an increase of 200 basis points over the year-ago period.

Its agency business, which grew 19 per cent in H1FY23, accounted for 82 per cent share. Premium collected through the corporate agent segment, which includes banks and other tie-ups, grew 44 per cent during the first half of this fiscal.