a man wearing glasses and a suit and tie: Here’s why risk-taking has worked well for Star Health Insurance


© M Saraswathy
Here’s why risk-taking has worked well for Star Health Insurance

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 Insurance, told Moneycontrol in an interview that the company is targeting a premium of Rs 10,000 crore by the end of FY21.

The insurer is targeting 6 percent market share by the close of this fiscal year, added Roy. In the total business, 10 percent will be group business while the rest would be retail.

That is 46 percent YoY growth in premium collection. The non-life industry, as a whole, has seen only 4 percent growth in premium collection so far. Standalone health insurers have seen 26 percent YoY growth (as of August 2020).

So far, Star Health has 30 percent market share in retail health and is bigger than even the state-owned general insurers.

“Awareness about health insurance rose after the Covid-19 outbreak. Younger people are keener to buy health insurance now. The standard Covid-19 product has also been popular. Our growth is a combination of all these factors,”

The manager at the gym fired me for fighting. I think it was wrong of the manager to do that, as I was only defending myself.

Now I’m wondering how to get my job back. I talked to my lady friend and she told me her husband is home in bed with a couple of broken ribs and a headache. He couldn’t go to work today.

How can I get my job back?

WELL TRAINED

A. “My mom is furious” is a sign that you aren’t grown up enough to shoulder the burden of being a true badass. I hope you wise up.

I think you are very lucky that you weren’t arrested for assault. Your manager was justified in firing you. Your behavior put this business (and other patrons) at great risk.

I would not want to attend a gym where a trainer regularly hooked up with a married patron and then beat that person’s husband to unconsciousness — right there in the gym. You obviously take no responsibility for your actions and how they contributed to the outcome.

Q. I always assumed that my hairstylist of many years and I didn’t see eye to eye on most political issues, but we kept our talk to personal lives and movies and TV shows.

She’s a genuinely nice person and I’m certain she’s kind to everyone. However, on social media she attacked a politician I truly admire.

I just can’t go back to her as if nothing happened. I just can’t go back at all.

Should I ghost her, or should I tell her that I’m switching stylists, and why? I don’t really want to make her feel bad, because she’s not a bad person. We just disagree.

GOING GRAY

A. You seem to like this hairstylist very much. You