Home / Business and Economy / India Eyes Global Reinsurance Dominance via GIFT City
India Eyes Global Reinsurance Dominance via GIFT City
19 Jan
Summary
- India aims to become a global reinsurance hub using GIFT City.
- Insurance sector reforms boost foreign investment and accessibility.
- India ranks 10th globally in insurance market by premium volumes.
India is strategically advancing its position to become a preeminent global reinsurance hub, with GIFT City serving as the primary gateway for international engagement. Financial Services Secretary M. Nagaraju has urged Indian insurers to capitalize on global prospects facilitated by the International Financial Services Centres Authority (IFSCA) located in GIFT City.
The nation's insurance sector is experiencing transformative growth, supported by comprehensive policy frameworks and structural reforms aimed at increasing accessibility and attracting foreign capital. Notably, Foreign Direct Investment in the sector has been elevated to 100 percent, and a new reinsurer was registered last year, signaling robust development and market confidence.
With India ranking as the 10th largest insurance market globally in 2024, the government and regulators are focused on achieving 'Insurance for All by 2047.' Initiatives like the Sabka Bima Sabki Raksha Act, 2025, and alignment with global regulatory standards at GIFT City are pivotal in this ambitious journey toward global leadership in reinsurance.
