October 07, 2007

A.P. govt. chooses Star Health Insurance again

For the second year in a row, the Andhra Pradesh government has chosen the city-based Star Health and Allied Insurance Company, a stand-alone health insurance firm, to provide accident cover to BPL (below poverty line) families in the State.

Star Health has collected a premium of around Rs. 13 crores to provide one-year accident cover to 7.87crore people in the age group of 18-69 falling under the category of BPL families, which are given white ration cards.

V. Jagannathan, Managing Director, said Star Health had landed this order against some stiff competition. The country's first stand-alone health insurance company had also collected the second instalment of premium worth Rs. 33 crores for providing surgical intervention cover for five specified diseases to BPL families in three districts of Andhra Pradesh. The company had already collected a similar amount as first instalment, he added. The Andhra Pradesh Government was planning to bring five more districts under the insurance cover, he said.

Mr. Jagannathan said Star Health was also in talks with the Puducheery Government for replicating similar insurance schemes for BPL families in at least two districts of the Union Territory. Answering a range of questions, he said Star Health was now toying with the idea of creating an independent vertical for Government business.

The Managing Director said the company had collected premium income worth Rs. 99 crore up to September this year. He was hopeful of collecting premium income of Rs. 200 cores this year. Star Health, he said, had a pan-India presence now, with the opening of a number of branches in the North. Star Health today has 104 offices across the country with staff strength of around 1,500. The company has tie-ups with about 2,900 hospitals.

Mr. Jagannathan said Star Health had raised the capital to Rs. 108 crores from Rs. 105 crores earlier. He said the capital was adequate to support growth in business up to Rs. 500 crores.

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