Indian Insurer Targets Non-Resident Indians for IPMI

In this iPMI Global regional country guides article, iPMI report author and market analyst Ian Youngman, takes a look at Star Health and Allied Insurance Company.

Star Health and Allied Insurance Company has been granted registration as IFSC Insurance Office (IIO), allowing it to set up a branch at the International Financial Services Centre (IFSC), GIFT City, in Gujarat.

• It is the first health insurance company to be granted the registration.
• Star Health will offer dollar-denominated insurance from GIFT City for non-resident Indians.
• It offers individual and corporate business.
• The health insurer is launching an international insurance product suite from the facility in the financial year starting 1 April 2024.
• Other products are planned to launch soon.
• The IFSC branch will facilitate access to health insurance solutions in US dollars for the global Indian community.
• The standalone health insurer will also be able to attract foreign inward reinsurance business.
• The GIFT IFSC is a financial centre and special economic zone in GIFT City, established to promote international financial services.
• Star Health & Allied Insurance is India’s leading stand-alone private health Insurance company.
• It was the first ever stand-alone health insurer.
• It is headquartered in Chennai.
• It has been providing innovative services and products in health, personal accident and overseas & domestic travel insurance aligned with the needs of the Indian Market.

Anand Roy, CEO of Star Health said, “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 the NRIs and global Indian diaspora.”

Analysis

• This is a big move into IPMI.
• It may expand by just using offices in India.
• But in realty to get Indian expats across the Middle East and comply with local health insurance rules it will have to set up overseas offices and/or deals with local partners.
• It would be the first Indian insurer to target Indian expats.
• It could link IPMI with family PMI back home.
• IT can also offer travel and accident cover.
• This could be a market disrupter for Indian expat business.

About the Author

Ian Youngman is an independent writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.