New Delhi:

Standalone health insurers Star Health & Allied Insurance Company Ltd.has set a target to double its revenue. Gross Written Premium The company’s target is to reach around Rs 30,000 crore in the next four years, a top official said here on Wednesday. The city-headquartered company had clocked a turnover of Rs 30,000 crore in 2014-15. GWP Rs 15,254 crore FY24 and recorded a profit after tax of Rs 845 crore, a growth of 37 per cent over the previous fiscal, Managing Director and Chief Executive Officer anand roy Said.

“We aspire to grow faster than the industry. Our target is to double our business in the next four years. We are growing at 22 per cent (compound annual growth rate) from FY20-24. Our target is to reach Rs 30,000 crore (GWP) by FY28. This is an internal target we have set ourselves…” he told reporters.

Since its establishment in 2006, Star Health And Allied Insurance Company has approved claims worth around Rs 44,000 crore.

Doubling the gross written premium will be based on deeper penetration in markets including tier II and III cities.

In Tamilnadu MarketRoy said the company has made a lot of progress and one out of every two insurance policies sold in the state is from his company.

Star Health Insurance’s retail premium crossed Rs 2,000 crore in FY24 with over 12.5 lakh policies sold in the Tamil Nadu market. Focusing on digital technology, the company has settled 88 per cent of claims through ‘cashless’ mode. It has a network of 90,000 agents, 116 branches, 187 Star Grameen Bima Kendras (rural branches) and over 3,400 employees.