Health insurance industry expands market share, yet concerns arise for Star Health Insurance [Video]

Star Health Insurance, the largest standalone health insurance company, has experienced a significant decline in market share compared to its peers in the standalone health insurance sector. At the end of March 2022, Star Health Insurance held approximately 55% of the standalone health insurance market, but this figure dropped to 49% by March 2023 and further declined to 45% by February 2024.

This decline represents a nearly 1,000 basis points (BPS) or 10% reduction in market share over the past two years (March 2022-February 2024).

The decrease in Star Health Insurance’s market share comes at a time when the standalone health insurance industry, as a whole, has seen an increase in market share compared to general insurance players.

Over the same two-year period, the Standalone Health Insurance Industry (SAHI) gained a market share of 148 bps from the general insurance industry.

Within the standalone health insurance space, several companies have experienced gains …