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ICICI Securities Report
Retail health is a high growth business with high entry barriers. This is proved by the fact that-
retail health premiums have grown by 20% compound annual growth rate over the last five years and
no player has been able to grow its market share meaningfully apart from Star Health and Allied Insurance Company Ltd. and Care Health over the last five years.
In such an industry scenario, Star Health is a distant market leader in retail health (31% as of FY23-to-date based on monthly gross direct premium income data released by general insurance council) and well entrenched with 550,000 agents, 12,820 network hospitals and 807 branches.
Additionally, the high share of public sector undertaking insurers with low solvency continues to provide a growth opportunity for strong players like Star Health.
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