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GIFT City Attracts Global Reinsurance Giants
1 Jan
Summary
- Global reinsurers from Spain, UK, and Singapore applied for IFSC registration.
- Reinsurance activity at GIFT IFSC surged four-fold in Q2 FY25-26.
- IFSCA regulations encourage foreign insurers to write offshore business.
Global reinsurance powerhouses from Spain, the United Kingdom, and Singapore are actively pursuing entry into India's International Financial Services Centre (IFSC) at GIFT City. This surge in interest underscores increasing international trust in India's reinsurance sector, overseen by the International Financial Services Centres Authority (IFSCA).
Major firms like Spain's Mapfre Re, the UK's C&C Insurance Group, and Singapore-based Partner Reinsurance Asia Pte Ltd submitted applications in December 2025. These entities aim to operate as Insurance Offices (IIOs), permitted to conduct offshore reinsurance business in foreign currency. The IFSCA framework is designed to position GIFT City as a rival to established hubs like Singapore and London.
This influx of foreign players coincides with significant business growth. Reinsurance activity at GIFT IFSC experienced a four-fold jump in the second quarter of FY25-26, with gross written premium reaching $199.52 million. This expansion reflects the success of the IFSCA's strategy to attract international financial services and bolster India's position in the global market.
