Galaxy Health gets nod to launch health insurance business, IRDAI also okays setting up of insurance e-marketplace
Galaxy Health and Allied Insurance Company Limited, authorizing it to conduct health insurance operations within India. This marks the sixth registration approval within approximately a year across various segments including life, non-life, and health insurance. Notably, earlier this year, IRDAI granted Narayana Health in-principle approval to establish a health insurance enterprise in the country.
Galaxy Health and Allied Insurance Company Limited is spearheaded by V Jagannathan, the founder of Star Health and Allied Insurance Company, has emerged as the latest addition to the Indian health insurance market. ET had earlier reported that S Prakash, the former managing director of Star Health, has joined Jagannathan in this endeavor, as detailed by ET.
Jagannathan's decision to venture into the health insurance sector comes after his successful tenure at Star Health, which he established in 2006. His leadership culminated with the company's successful listing before his departure in June 2023. During his stewardship, Star Health witnessed a remarkable turnaround, achieving a net profit of Rs 618 crore and an underwriting profit of Rs 204 crore in the fiscal year 2022-2023, a notable improvement from previous losses. With an extensive network comprising over 13,000 hospitals and a strong presence in southern, western, and northern India, Star Health has established itself as a prominent player in the industry.
Health insurance stands out as the fastest-growing segment within the general insurance domain, with
