Stock Report

Star Health to Offer Dollar-Denominated Insurance via GIFT City Branch

Posted On : 2024-03-18 11:54:20( TIMEZONE : IST )

Star Health and Allied Insurance Company Ltd. (Star Health Insurance), the largest retail health insurance firm in India, has announced today that it has been granted registration by IFSCA to establish an IFSC International Office (IIO) at Gujarat International Finance Tec-City (GIFT City). The company plans to commence its operations with a branch in GIFT City by the end of March 2024. This move strategically positions Star Health Insurance in the international financial arena, facilitating access to health insurance solutions in US dollars for the global Indian community.

Star Health Insurance's presence in GIFT City's International Financial Services Centre (IFSC), will enable the company to significantly expand its global reach and business. The company will offer non-resident Indian (NRI) focused insurance that caters to the needs of the global Indian. 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. GIFT City is a project of national importance and has become an integral part of India's growth story.

Anand Roy, MD & CEO of Star Health Insurance said, "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. Leveraging our extensive network of healthcare partners, we are poised to deliver exceptional service to our policyholders."

Shares of Star Health and Allied Insurance Company Limited was last trading in BSE at Rs. 556.60 as compared to the previous close of Rs. 550.05. The total number of shares traded during the day was 7635 in over 613 trades.

The stock hit an intraday high of Rs. 559.85 and intraday low of 543.75. The net turnover during the day was Rs. 4202932.00.