7 months ago
Global Reinsurers Seek Approval for GIFT City Operations
Big insurance companies from around the world, like Lloyd's of London and Samsung Re, want to start working in a special city in India called GIFT City.
This city has low taxes and special rules that make it attractive for these companies.
They want to sell different types of insurance in India, like health and cyber insurance.
Some companies, like Saudi Re and Korean Re, have already started working there.
The Indian government hopes this city will become as important as Singapore or Dubai for finance.
Right now, about 14 companies are working there, and more are expected to join soon.
Global reinsurers, including Lloyd's of London, Samsung Re, Kenya Re, and Mapfre Re, are seeking regulatory approval to operate in GIFT City, Gujarat.
GIFT City offers favorable tax treatment, including a 10-year tax holiday and exemption from capital gains.
The city aims to rival Singapore and Dubai as an international financial center.
About 14 global reinsurers currently operate in GIFT City, managing $700–800 million in annual premiums.
The number of reinsurers is expected to increase to at least 20 by the end of March 2026.
- Who
- Global reinsurers including Lloyd's of London, Samsung Re, Kenya Re, and Mapfre Re
- What
- Seeking regulatory approval to operate in GIFT City, Gujarat
- Where
- Gujarat International Finance Tec-City (GIFT City), India
- When
- Expected to seek approval in 2026
- Why
- To gain access to India's $129.78 billion insurance market and benefit from favorable tax treatment and regulatory norms
Key facts
- Reinsurers Seeking Approval
- Lloyd's of London, Samsung Re, Kenya Re, Mapfre Re
- Existing Reinsurers in GIFT City
- Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance, Eurasia Insurance Company JSC
- Annual Premiums Managed
- $700–800 million
- Expected Reinsurers by March 2026
- At least 20
- Tax Benefits
- 10-year tax holiday, exemption from capital gains
- Indian Solvency Ratio Requirement
- 150%
- India's Insurance Market Rank
- 10th largest in the world
- India's Insurance Market Size
- $129.78 billion
Quotes
Dipesh Shah
Executive director at the regulator for financial services at GIFT City
“With a globally aligned regulatory framework and enabling reforms, we are seeing growing interest from global reinsurers in the GIFT IFSC opportunity.”
thehindubusinessline.com
Sources
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