With branch in GIFT City, Star Health to attract inward reinsurance, offer NRIs risk cover

Chennai : Standalone health insurer Star Health and Allied Insurance Company Ltd on Monday said it will offer non-resident Indian (NRI) focused insurance and also attract foreign inward reinsurance with its branch in the International Financial Services Centre, GIFT City, Gujarat from next fiscal.

The company said the GIFT City branch will start its operations by the end of this month.

"Star Health Insurance will also be able to attract foreign inward business as a reinsurer. The company will provide insurance for Indians going abroad and India’s growing international student community. The company plans to launch its international insurance product suite in a phased manner in FY25," Star Health said in a statement on Monday.

The company said it has been granted registration by the IFSCA to establish an IFSC International Office (IIO) at Gujarat International Finance Tec-City (GIFT City).

“We are excited to mark another milestone in our journey towards qualitative growth. This is a pivotal step in our expansion strategy, extending our reach beyond Indian borders and providing seamless access to our health insurance offerings for Non-Resident Indians (NRIs) and the global Indian diaspora," MD and CEO Anand Roy was quoted as saying in the statement.