 "Star Health Ventures International: A Bold Move for Global Reinsurance")
Star Health and Allied Insurance aims to enhance its international presence by collaborating with insurers in Africa and West Asia for inward reinsurance opportunities through GIFT City, as announced by MD and CEO Anand Roy. With approval to set up an international office at GIFT City, Star Health plans to offer reinsurance and concierge claim services for clients seeking medical treatment in India. The company recently launched its first insurance policy in Braille, focusing on inclusivity for individuals with disabilities. Roy outlined ambitious growth targets, aiming to increase premiums to Rs 18,000 crore in FY25 and Rs 30,000 crore by FY28, leveraging its strong retail health business.
Star Health and Allied Insurance is making strides in international collaboration by seeking partnerships with insurers in Africa and West Asia for inward reinsurance opportunities. Anand Roy, the Managing Director and CEO of the company, announced this initiative while discussing the benefits of GIFT City as a hub for reinsurance. Inward reinsurance is essentially an agreement where one insurance provider transfers risk to another, allowing for better management of resources.
Earlier this year, in March 2024, Star Health received crucial approval from the International Financial Services Centres Authority (IFSCA) to set up an International Financial Services Centre (IFSC) office at GIFT City. Roy emphasized that India attracts many patients seeking medical treatment, positioning Star Health as a potential inward reinsurance provider and a concierge service for claims.
During the announcement, Star Health also launched its first insurance policy in Braille, named Special Care Gold, aimed at supporting individuals with disabilities. Roy highlighted the company’s commitment to making quality health insurance accessible and promoting financial inclusion for marginalized communities.
In terms of growth, Roy revealed ambitious plans to increase premiums from Rs 15,000 crore in FY24 to Rs 18,000 crore in FY25, with a target of reaching Rs 30,000 crore by FY28. Notably, the retail health segment constitutes 90 percent of Star Health’s business, with premium rates seeing increases of about 10 to 15 percent due to rising medical costs.
As the health insurance landscape continues to evolve, Star Health remains focused on both its domestic and international growth strategies, ensuring that quality healthcare is available to all.
Tags: Star Health, Anand Roy, insurance, GIFT City, inward reinsurance, health insurance, financial inclusion, Special Care Gold, medical inflation, premium growth.
What is inward reinsurance?
Inward reinsurance is when a company, like Star Health, takes on insurance risks from foreign insurers. This helps spread the risk and can bring more stability.
Why is Star Health collaborating with foreign insurers?
Star Health collaborates with foreign insurers to expand its reach and access new markets. This partnership allows the company to offer better products and services to its customers.
How will this collaboration benefit customers?
This collaboration will benefit customers by bringing in more diverse insurance options, possibly lower premiums, and improved claims processing through shared expertise.
Is this collaboration safe for policyholders?
Yes, the collaboration is designed to be safe for policyholders. Star Health follows strict regulations to ensure that all insurance coverage is reliable and secure.
What does this mean for Star Health’s future?
This collaboration positions Star Health for growth, helping it to innovate, improve financial strength, and stay competitive in the insurance Market.
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