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Star Health and Allied Insurance

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Star Health and Allied Insurance Co Ltd
Company typePublic
NSE: STARHEALTH
BSE: 543412
ISININE575P01011
IndustryFinancial services
Founded2006; 18 years ago (2006)
HeadquartersChennai, Tamil Nadu, India
Number of locations
640+ (2021)
Key people
Mr. Anand Roy
ProductsHealth insurance
Travel insurance
Accidental insurance
RevenueIncrease ₹12,096 crore (US$1.4 billion) (FY23)[1]
Increase ₹914 crore (US$110 million) (FY23)[1]
Increase ₹618 crore (US$74 million) (FY23)[1]
Total assets₹13,513 crore (US$1.6 billion) (2022)[1]
Total equity₹3,963 crore (US$470 million) (2022)[1]
Number of employees
14,273 (2021)[1]
Websitewww.starhealth.in

Star Health and Allied Insurance Co Ltd is an Indian for-profit health insurance company headquartered in Chennai.[2] The company faced a data leak of over 31 million customers with allegations of its senior official selling the data in September 2024. The company provides services in health, personal accident and overseas travel insurance, directly as well as through various channels like agents, brokers and online. Star Health is also prominently into bancassurance having long standing relationship with various banks.

Data Leak

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On 20 September 2024, Reuters published a report[3] about Star Health Insurance data leak of 31 million Star Health customers worth over 7.24 terabytes of data including sensitive personal and health data. The data is leaked by a threat actor named "xenZen" on Telegram through Telegram Bots and on their leak website.[4]

Press Trust of India later published news[5] report on 20 September 2024, stating allegations by xenZen on their leak website of Star Health Insurance an email communication with a company CISO, Amarjeet Khanuja, responsible for handling and managing digital network of the company where he allegedly sold the customers data to threat actor "xenZen".

Operations

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As of 2021, Star Health had 17,000+ employees and 640+ branch offices across India.[6]

Initial public offering

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Star Health Insurance launched its ₹7,249 crore (US$870 million) initial public offering (IPO) in December 2021.[7][8][9] After the issue was undersubscribed, it reduced the IPO size to ₹6,400 crore (US$770 million).[10]

Financials

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Star Health has underwritten a gross written premium of Rs.6865 Cr during the FY 2019-20 and has built up a promising path with an appreciable net worth of Rs.1889 Cr, as on 31 March 2020.[11]

As of 2021, it reported a total revenue of Rs.5446.82 with a loss of Rs.825.59 crores.[12]

Controversies

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In mid-September 2024, a major hack at Star Health exposed the personal details of over 31 million customers, including sensitive medical records, which were leaked on Telegram chatbots. According to Reuters report, the data is now freely accessible through the platform.[13]

References

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  1. ^ a b c d e f "Star Health and Allied Insurance Financial Statements". moneycontrol.com.
  2. ^ "STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED". dnb.com. Retrieved 11 April 2022.
  3. ^ "Exclusive: Hacker uses Telegram chatbots to leak data of top Indian insurer Star Health".
  4. ^ "Star Health Leak by xenZen".
  5. ^ PTI (20 September 2024). "Star Health Insurance Data Breach: Senior Official Allegedly Sold Customer Info". ThePrint. Retrieved 22 September 2024.
  6. ^ "Star Health Insurance | Medical Health Insurance | Mediclaim Policy". Star Health and Allied Insurance. Retrieved 20 December 2021.
  7. ^ "Star Health files for IPO, to raise over Rs 2,000 crore". The Financial Express. 23 July 2021. Retrieved 23 September 2021.
  8. ^ Livemint (30 November 2021). "Star Health IPO opens today. Should you bet?". mint. Retrieved 2 December 2021.
  9. ^ "Rakesh Jhunjhunwala-backed Star Health's IPO opens; should you subscribe?". cnbctv18.com. 30 November 2021. Retrieved 2 December 2021.
  10. ^ "Star Health Cuts IPO Size To Rs 6,400 Crore After Tepid Subscription". NDTV.com. Retrieved 9 December 2021.
  11. ^ "Star Health and Allied Insurance Company Balance Sheets, Financial Statements". The Economic Times. Retrieved 20 December 2021.
  12. ^ "Star Health & Allied Insurance Company Quarterly Results, Star Health & Allied Insurance Company Financial Statement & Accounts". www.moneycontrol.com. Retrieved 20 December 2021.
  13. ^ Bing, Christopher; Vengattil, Munsif (20 September 2024). "Exclusive: Hacker uses Telegram chatbots to leak data of top Indian insurer Star Health". Reuters. Retrieved 26 September 2024.
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