Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India’s largest retail health insurance provider, has announced its registration by IFSCA to establish an IFSC International Office (IIO) at Gujarat International Finance Tec-City (GIFT City). The company plans to inaugurate its operations with a branch in GIFT City by the end of March 2024. This strategic move places Star Health Insurance in the international financial landscape, offering health insurance solutions denominated in US dollars to the global Indian community.
With its presence in GIFT City’s International Financial Services Centre (IFSC), Star Health Insurance aims to significantly broaden its global footprint and business operations. The company will focus on providing insurance tailored to non-resident Indians (NRIs) and the global Indian population. Additionally, it will serve as a reinsurer to attract foreign inward business. Star Health Insurance’s offerings will encompass insurance for Indians traveling abroad and the burgeoning international student community. The company plans to introduce its international insurance product suite gradually during the fiscal year 2025. GIFT City, recognized as a project of national importance, is integral to India’s developmental narrative.
Anand Roy, MD & CEO of Star Health Insurance, expressed enthusiasm about achieving another milestone in the company’s growth journey. He highlighted the significance of this expansion strategy, which extends the company’s reach beyond India’s borders, providing seamless access to health insurance offerings for NRIs and the global Indian diaspora. Leveraging its extensive network of healthcare partners, Star Health Insurance is poised to deliver exceptional service to its policyholders.