New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has issued a Certificate of Registration to Galaxy Health and Allied Insurance Company, marking its entry into the health insurance sector in India. This brings the total number of insurers operating in this segment to seven, according to the regulator.
Galaxy Health and Allied Insurance Company is backed by the TVS Group and V Jagannathan, the founder of Star Health and Allied Insurance Company. TVS Group holds the majority stake in this joint venture, with Sudarshan Venu, the managing director of TVS Motor Company, serving as the chairman. The company has an initial capital exceeding INR 2 billion ($24 million).
This development closely follows the recent in-principle approval granted by IRDAI for the establishment of Narayana Health, 6th standalone health insurance. Other standalone players in the sector include Care Health, Aditya Birla Health, Niva Bupa, Star Health, and Manipal Cigna.
