Mapfre Re has received clearance from India’s International Financial Services Centres Authority (IFSCA) to establish a branch in Gujarat, India.
This marks a further expansion of the company’s activities in Asia.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The reinsurer has been active in the Indian market for more than ten years, gradually increasing its involvement and forming partnerships with major insurers in the country.
The new branch is expected to boost Mapfre Re’s local operations and allow for a more direct service to Indian clients, noted the Spain-based reinsurer.
With the regulatory authorisation in place, Mapfre Re will now move forward with pre-opening processes in accordance with local administrative requirements. The company plans to commence operations in the coming weeks.
Mapfre Re is part of the Mapfre Group. In 2025, it reported €8.4bn ($11.4bn) in premiums.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataMapfre Re APAC regional manager Javier Sánchez Cea said: “The opening of the branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024.
“It also dovetails perfectly with expanding our broader direct presence in key countries on the continent, like the Philippines, Japan, Malaysia and Singapore. Together, they constitute one of the fundamental pillars for Mapfre Re’s growth in Asia in the coming years.”
The approval comes as other global reinsurers express interest in entering India’s Gujarat International Finance Tec City.
Earlier this month, Reuters reported that Lloyd’s of London is seeking permission to operate there, while South Korea’s Samsung Re and Africa’s Kenya Re are also among those planning to set up in the city.
