Galaxy Health Insurance Company Ltd., a newly licensed standalone health insurer, has appointed G Srinivasan, former Managing Director of New India Assurance, as its Managing Director (MD) and Chief Executive Officer (CEO). The company, which received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in March 2024, is set to begin operations soon, focusing on health, personal accident, and travel insurance products.
Industry Veteran with Four Decades of Experience
G Srinivasan is a prominent figure in the insurance industry, boasting over 40 years of experience across various sectors. Prior to joining Galaxy Health Insurance, Srinivasan held leadership roles at both United India Insurance Co. Ltd. and New India Assurance Co. Ltd. Notably, he led New India Assurance’s successful public listing, and his extensive industry knowledge positions him well to guide Galaxy through its early stages and growth.
During his career, Srinivasan has also served on the Boards of GIC Re and other organizations. His expertise is further demonstrated by his previous roles as Chairman of the General Insurance Council and Director of the National Insurance Academy in Pune.
Strong Leadership Team
Galaxy Health Insurance was co-promoted by Venu Srinivasan, Chairman of TVS Motor Company, and V Jagannathan, founder of Star Health & Allied Insurance Co. Ltd. The company’s Board of Directors includes esteemed professionals such as Chairman Dr. Sai Satish, a renowned cardiologist, and Sudarshan Venu, Managing Director of TVS Motor Company.
A Growing Health Insurance Market
Galaxy Health Insurance’s entry comes at a time of rapid growth in the Indian health insurance market. In FY 2024, the market reached ₹1.17 lakh crore, expanding at a compound annual growth rate (CAGR) of 20%. This positions Galaxy Health Insurance in an advantageous spot to capitalize on the rising demand for comprehensive health coverage.
Focus on Product Development
As Galaxy prepares for its market debut, it is set to launch a range of health insurance products tailored to meet the growing needs of individuals and families. With G Srinivasan at the helm, the company aims to deliver innovative insurance solutions that cater to the evolving demands of the Indian health insurance sector.
