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Galaxy Health gets nod to launch health insurance business from IRDAI

Health insurance stands out as the fastest-growing segment within the general insurance domain, with projections indicating a compounded annual growth rate (CAGR) of 23% until 2030. The heightened awareness surrounding health insurance, particularly in the aftermath of the Covid-19 pandemic, has further propelled its growth trajectory, contributing significantly to the sector’s Gross Direct Premium Income (GDPI). Analysts anticipate that health insurance contributions will surpass ₹1 lakh crore

The Insurance Regulatory & Development Authority of India (IRDAI) in a recent meeting okayed the issuance of a Certificate of Registration to 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

Jagannathan has also former Star Health CEO Dr S Prakash joining him as the CEO of Galaxy Health Insurance.

Sudarshan Venu, MD, TVS Motor Company, will be the chairman of the new joint venture, which will have an initial capital of over Rs 200 crore.

Galaxy Health Insurance will have an all India focus from the beginning and have many innovative health insurance ideas for the customers.

Earlier the IRDAI had given license to Narayana Health Insurance Limited(Narayana One Health), set up by Bangalore-based multispecialty hospital chain Narayana Hrudayalaya Ltd or Narayana Health promoted by well known cardiologist Devi Shetty.

Other standalone players in the sector include Care Health, Aditya Birla Health, Niva Bupa, and Manipal Cigna.

8 thoughts on “Galaxy Health gets nod to launch health insurance business from IRDAI

  1. SHIVARAMA says:

    How to take agency of this galaxy health and allied insurance company

    1. admin says:

      Operation not started yet. Wait for few months.

  2. Brabahar says:

    Now I am in Star Health and Allied insurance ne agent. One IRDA agent salse two Health Insurance ?

    1. Susanta Karmakar says:

      Can agent hold both ( Star health & Galaxy health ) agency ?

  3. Rajesh rathore says:

    I can join to galaxy health in sales team, how to apply

    1. admin says:

      wait for few months.

    2. Susanta Karmakar says:

      Iam interested in Galaxy Health Insurance Company for Work as a team Worker.

      From Burdwan, Nadia, Birbhum, Murshidabad, West Bengal .

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