Aryavarth Express:
Gandhinagar, April 2:GIFT City has emerged as a fast-growing hub for insurance and reinsurance, with premium volumes surging more than elevenfold—from $102 million in 2020 to over $1.2 billion in 2025.
According to an official release, the sharp growth reflects increasing participation by both global and domestic insurers, alongside the rapid expansion of the ecosystem within the International Financial Services Centre (IFSC).
The number of Insurance Offices (IIOs) operating in GIFT City has grown from just eight in its early years to around 24 currently, indicating a shift toward a more mature, underwriting-driven market.
Over the past financial year, several major global players—including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re, and Lloyd’s of London—have set up operations in GIFT City. Domestic companies such as HDFC Life Re, Max Life, and Niva Bupa have also joined, strengthening the overall market depth.
These new entrants add to an already established network that includes firms like GIC Re, ICICI Prudential, Tata AIA, Marsh, Gallagher, and JB Boda, creating a balanced mix of global insurers, domestic players, and intermediaries.
Much of the growth has been driven by non-life insurance and reinsurance segments, particularly in areas such as trade credit, marine, and aviation insurance—sectors closely linked to cross-border trade and infrastructure financing.
Industry experts say the rising premium volumes highlight growing confidence in GIFT City as a platform for underwriting India-linked risks and facilitating global capital flows. The integration of insurance into financial transactions is also helping businesses manage risk more effectively.
With continued regulatory support and increasing global participation, GIFT City is steadily positioning itself as a key international hub for insurance and reinsurance, strengthening India’s presence in the global financial ecosystem.
