Several international reinsurers, including Lloyd’s of London, are applying for permission to operate in India’s Gujarat International Finance Tec City (GIFT City), reported Reuters.
Other companies aiming to set up in the city include South Korea’s Samsung Re, Africa’s Kenya Re and Spain’s Mapfre Re, noted the news agency, citing unnamed sources.
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These companies would join more than a dozen reinsurers from various regions that have already established a foothold in GIFT City.
The sources indicated that applications for approval are expected this year.
GIFT City offers businesses incentives such as a decade-long tax holiday and capital gain exemptions.
The Indian Government has outlined ambitions for the district to become competitive with other global financial centres like Singapore and Dubai.
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By GlobalDataThe Indian reinsurance sector is primarily led by Swiss Re, Munich Re, private players and state-run GIC Re, with expectations for growth following regulatory changes aimed at increasing insurance coverage across the country, highlighted the report.
In December, the Indian Parliament approved legislation that increased the foreign direct investment limit in the insurance sector from 74% to 100%.
Within the past year, several large international reinsurers have received regulatory clearance to open operations in GIFT City.
These include Abu Dhabi National Insurance, Eurasia Insurance Company, Korean Re, Kuwait Re, Peak Re and Saudi Re.
Saudi Re has recently opened a branch in GIFT City, its second location in Asia after Malaysia.
Korean Re referenced India’s insurance growth as part of its expansion plans, while Peak Re intends to provide both life and general insurance products through its new office.
In June, Singapore Reinsurance Corporation received a reinsurance branch licence from the International Financial Services Centres Authority (IFSCA), enabling the company to establish an IFSC Insurance Office in GIFT City.
Currently, public records indicate that around 14 global reinsurers operate in GIFT City.
Regulatory officials estimate that the number of reinsurers with a presence there may rise to 20 by March 2026, the news agency added, citing sources.
International reinsurers have indicated plans to provide products that are not yet widespread in India, including surety bonds, parametric insurance, marine and shipping coverage, cyber risk policies and health reinsurance.
A feature of GIFT City’s regulatory environment allows foreign reinsurers to adhere to solvency norms set by their domestic regulators rather than Indian regulations.
Indian insurers must maintain a minimum solvency ratio of 150%, while requirements elsewhere may be less stringent.
IFSCA for GIFT City executive director Dipesh Shah was quoted by Reuters as saying: “With a globally aligned regulatory framework and enabling reforms, we are seeing growing interest from global reinsurers in the GIFT IFSC opportunity.”
He did not provide specifics on pending applications.
Lloyd’s of London declined to comment. Requests for comment sent to Mapfre Re, Samsung Re and Kenya Re were not answered.
