The Covid-19 outbreak and subsequent lockdown led to many general insurers’ business stagnating. Core segments such as motor insurance have been pushed into the background as vehicle sales plummeted.
Amidst this pandemic, however, there is one general insurer that has not only seen a substantial improvement in its market share in 2020 compared to the previous year, but has also set ambitious targets for FY21.
Star Health Insurance, the country’s largest standalone health insurer (with 52 percent market share), is now the country’s fourth-largest private insurer in the non-life space. It had a market share of 4.36 percent as of August 2020.
A year ago, it was the sixth-largest insurer but the Covid pandemic and the resultant scramble to purchase health insurance has pushed it up two slots since then. Anand Roy, Managing Director of Star Health