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Galaxy Health and Allied Insurance Company received approval from the Insurance Regulatory and Development Authority of India (Irdai) on Friday to commence health insurance business in India.
During the 125th meeting held on 19 March 2024, the insurance regulator granted approval to the company. Following this approval, the number of Standalone Health Insurers (SAHIs) in India will increase to seven from the existing six.
This is the second standalone health insurer to gain IRDAI approval in 2024. Narayana Hospitals backed Narayana Health Insurance Company received approval from the insurance regulator in January 2024.
The company was launched by V Jagannathan, founder and former Chairman and Managing Director (CMD) of the largest SAHI in India – Star Health and Allied Insurance Company.
Jagannathan resigned from his position in May 2023 and left the board of the company in June 2023.
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According to the regulator, this is the sixth registration granted by IRDAI in around one year across the Life, Non-life, and Health segments.
In February 2024, the SAHIs recorded a 29.33 per cent year-on-year (Y-o-Y) growth in premium to Rs 3,000.17 crore, up from Rs 2,319.69 crore in February 2023. In February 2024, the market share of SAHIs stood at 28.49 per cent, while the share of general insurers in the health segment stood at 71.51 per cent.
In February 2024, the gross direct premium income (GDPI) of the health insurance segment in India increased to Rs 98,716.73 crore, up from Rs 81,996.77 crore in the same period last year.
