Regulatory Review of Commissions and Expense Management
IRDAI may review expense management norms which could impact commission structures. Management awaits final clarity but is prepared to adapt if expenses of management caps are tightened.
STARHEALTH / Q3-FY26 / risks
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Star Health and Allied Insurance Company · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Elevated Medical Inflation
AON and Willis Tower Watson expect medical inflation in India to exceed 12-13% in 2026. Unless structural cost moderation occurs through government intervention, ongoing price increases by insurers will be essential for sustainability.
Long-term Product Loss Ratio Trajectory
Long-term policies represent 51% of fresh GWP (up from 34%). While first-year operating costs are high, loss ratios typically increase in years two and three, potentially affecting profitability trajectory under IFRS.
IFRS P&L Volatility from Equity Mark-to-Market
The IFRS accounting framework causes quarterly P&L volatility as equity mark-to-market gains/losses flow through profit and loss. Management acknowledges this creates challenges for consistent earnings visibility.