Star Health Insurance premium collection takes a 51 percent hit

The premium collections of Star Health & Allied Insurance, for the month of July 2011, have declined by 51% over its collections in July last year. The company managed to collect only Rs 102.20 crore in premiums for the month of July this year, whereas their collections for the month of July last year stood at Rs 208.71 crore. While all other non-life insurance companies have registered a positive growth, Star Health and Universal Sompo are the only two insurers to have registered a negative growth for the month of July.

Having started operations in 2006, Star Health Insurance is one of the three standalone and exclusive health insurance providers. The promoters of this private general insurance company are Oman Insurance Company, Mr Syed Mohammed Salahuddin and Mr Essa Abdullah AL Ghurair. The Indian promoters own 74.24% of the company while foreign promoters hold the remaining 25.76%.

Star Health Insurance has some really unique products which covers ailments that are usually not covered by any other insurance company. Star Health Diabetes Safe policy covers individuals between 26 years and 65 years of age who are diagnosed with Diabetes Mellitus Type II, with the maximum renewal age of 70 years. Star Unique Health Insurance plan is another breakthrough cover, as the waiting period on pre-existing diseases is only 11 months as compared to most other policies where the waiting period is 48 months. Thanks to the pioneering initiative of Star Health Insurance which launched ‘Star Netplus’ to cover HIV infected patients, for the first time in India.

Star Health Insurance is also partnered with Health Management and Research Institute to offer expert medical consultation over the phone, 24x7, free-of-cost to its policyholders. According to findings of a Hindustan Times-MaRS survey, respondents ranked Star Health as the best in terms of settlement of mediclaim policies.
The other two standalone insurers are Apollo Munich Health Insurance and Max Bupa Health Insurance. Apollo Munich Health Insurance has collected Rs 30.24 crore in premiums for the month of July this year, which is a 117% growth over its collections of Rs 13.93 crore in July last year. Max Bupa Health Insurance has collected Rs 5.34 crore in premiums for the month of July this year, which is a 215% growth over its collections of Rs 1.70 crore in July last year.