Online edition of India's National Newspaper
Friday, Apr 18, 2008
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Online edition of India's National Newspaper Friday, Apr 18, 2008 ePaper | Mobile/PDA Version |
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CHENNAI: Star Health and Allied Insurance Company Ltd. has written a premium income of Rs. 170 crore for 2007-08, the first full year of its operations. Out of this, close to Rs. 50 crore comprised ‘market premium’. The balance was ‘bulk premium.’ Addressing a press conference here on Thursday, V. Jagannathan, Chairman-cum-Managing Director, said Star Health was hoping to write a premium income of around Rs. 300-350 crore in 2008-09. Asserting that the solvency margin of the company “is comfortable,” Mr. Jagannathan said Star Health had increased the paid-up capital marginally to Rs. 108.60 crore from Rs. 105 crore mainly for some internal adjustments. To a question, he said the company would not require any fresh funds during 2008-09. Two lakh policiesThe company had issued two lakh policies in 2007-08 and settled 6,550 claims. Mr. Jagannathan said the claims ratio was around 42 per cent. Star Health, he said, had gone in for very little re-insurance. The retention was 80 per cent, he said. Star Health was the first in the country to introduce HIV policy. The policy had twin components — medical and lumpsum — and was issued to one of the non-governmental organisations in Bangalore, he said. The company served around 3.80 BPL (below poverty line) population in 13 districts of Andhra Pradesh against surgical procedures on certain diseases. The company, he said, had 22 products under its portfolio.
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