Star Health Insurance plans to expand into the motor or vehicle insurance market by offering a composite life insurance plan, pending government approval under the Insurance Amendment Act. At the moment, the company only serves the independent health insurance market.
Star Health Insurance plans to expand into both motor and health insurance segments, focusing on protection or term insurance products. The motor insurance sector presents a significant opportunity, accounting for 32% of the total general insurance industry premium and growing by 13% in FY24.
