Global Reinsurers, Including Lloyd’s, Flock to India’s GIFT City, Sources Reveal

Some of the world’s biggest reinsurers, including Lloyd’s of London, are seeking Indian regulatory approval to operate in a low-tax city established in the prime minister’s home state. This initiative aims to position India as a competitor to other international financial hubs, according to two sources familiar with the matter.

The global companies involved include South Korea’s Samsung Re, Kenya Re, and Spain’s Mapfre Re. They will join over a dozen other global reinsurers from Europe, the Middle East, and Asia who are turning to this new city to tap into India’s burgeoning insurance market, valued at approximately $129.78 billion, making it the tenth largest in the world.

Sources, who requested anonymity due to the sensitivity of the information, indicated that these companies are expected to seek regulatory approval within this year. Despite attempts to reach out, email queries sent to Mapfre Re, Samsung Re, and Kenya Re went unanswered. A spokesperson for Lloyd’s of London also declined to comment. Notably, the plans for these companies to establish operations in the Gujarat International Finance Tec-City, or GIFT City, have not been publicly reported until now.

GIFT City offers businesses attractive tax incentives, including a 10-year tax holiday and exemptions from capital gains taxes. The Indian government has expressed hopes that this initiative will position GIFT City as a rival to established international financial centers like Singapore and Dubai.

Currently, India’s reinsurance market is primarily dominated by Swiss Re and Munich Re, along with private firms and the government-owned GIC Re. However, the market is expected to expand following recent government reforms aimed at enhancing insurance penetration across the country.

Saudi Re and Others Have Received Approval

In the past year, several large reinsurers have successfully obtained approvals to operate in GIFT City. These include Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance, and Kazakhstan-based Eurasia Insurance Company JSC, as confirmed by regulatory officials and company statements. Earlier this week, Saudi Re inaugurated its GIFT City branch, marking its second location in Asia after Malaysia.

Korean Re has indicated that its expansion reflects a commitment to India’s rapidly growing insurance sector. Meanwhile, Hong Kong-based Peak Re, which received its license in March 2025, plans to offer both life and non-life insurance products.

Currently, around 14 global reinsurers operate from GIFT City, managing an annualized premium volume of $700–800 million, according to public disclosures. Regulatory officials anticipate that the number of reinsurers will rise to at least 20 by the end of March 2026, although they declined to provide specific names as final approvals are still pending.

These international reinsurers aim to introduce products that are relatively underdeveloped in India, such as surety bonds, parametric insurance, marine and shipping coverage, cyber risk, and health reinsurance. In addition to favorable tax treatment, reinsurers operating from GIFT City can adhere to the solvency norms of their home regulators, rather than those mandated by Indian law.

Indian reinsurers must maintain a minimum solvency ratio of 150% to ensure they can settle claims even in extreme circumstances, while global requirements are generally lower. “With a globally aligned regulatory framework and enabling reforms, we are seeing growing interest from global reinsurers in the GIFT IFSC opportunity,” stated Dipesh Shah, executive director at the regulator for financial services at GIFT City, in a recent interview. He refrained from disclosing specific details about the reinsurers looking to establish operations in the city.

($1 = 91.9020 Indian rupees)

(Reporting by Ashwin Manikandan and Jayshree P. Upadhyay in Mumbai; editing by Barbara Lewis)

Some of the world’s biggest reinsurers, including Lloyd’s of London, are seeking Indian regulatory approval to operate in a low-tax city established in the prime minister’s home state. This initiative aims to position India as a competitor to other international financial hubs, according to two sources familiar with the matter.

The global companies involved include South Korea’s Samsung Re, Kenya Re, and Spain’s Mapfre Re. They will join over a dozen other global reinsurers from Europe, the Middle East, and Asia who are turning to this new city to tap into India’s burgeoning insurance market, valued at approximately $129.78 billion, making it the tenth largest in the world.

Sources, who requested anonymity due to the sensitivity of the information, indicated that these companies are expected to seek regulatory approval within this year. Despite attempts to reach out, email queries sent to Mapfre Re, Samsung Re, and Kenya Re went unanswered. A spokesperson for Lloyd’s of London also declined to comment. Notably, the plans for these companies to establish operations in the Gujarat International Finance Tec-City, or GIFT City, have not been publicly reported until now.

GIFT City offers businesses attractive tax incentives, including a 10-year tax holiday and exemptions from capital gains taxes. The Indian government has expressed hopes that this initiative will position GIFT City as a rival to established international financial centers like Singapore and Dubai.

Currently, India’s reinsurance market is primarily dominated by Swiss Re and Munich Re, along with private firms and the government-owned GIC Re. However, the market is expected to expand following recent government reforms aimed at enhancing insurance penetration across the country.

Saudi Re and Others Have Received Approval

In the past year, several large reinsurers have successfully obtained approvals to operate in GIFT City. These include Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance, and Kazakhstan-based Eurasia Insurance Company JSC, as confirmed by regulatory officials and company statements. Earlier this week, Saudi Re inaugurated its GIFT City branch, marking its second location in Asia after Malaysia.

Korean Re has indicated that its expansion reflects a commitment to India’s rapidly growing insurance sector. Meanwhile, Hong Kong-based Peak Re, which received its license in March 2025, plans to offer both life and non-life insurance products.

Currently, around 14 global reinsurers operate from GIFT City, managing an annualized premium volume of $700–800 million, according to public disclosures. Regulatory officials anticipate that the number of reinsurers will rise to at least 20 by the end of March 2026, although they declined to provide specific names as final approvals are still pending.

These international reinsurers aim to introduce products that are relatively underdeveloped in India, such as surety bonds, parametric insurance, marine and shipping coverage, cyber risk, and health reinsurance. In addition to favorable tax treatment, reinsurers operating from GIFT City can adhere to the solvency norms of their home regulators, rather than those mandated by Indian law.

Indian reinsurers must maintain a minimum solvency ratio of 150% to ensure they can settle claims even in extreme circumstances, while global requirements are generally lower. “With a globally aligned regulatory framework and enabling reforms, we are seeing growing interest from global reinsurers in the GIFT IFSC opportunity,” stated Dipesh Shah, executive director at the regulator for financial services at GIFT City, in a recent interview. He refrained from disclosing specific details about the reinsurers looking to establish operations in the city.

($1 = 91.9020 Indian rupees)

(Reporting by Ashwin Manikandan and Jayshree P. Upadhyay in Mumbai; editing by Barbara Lewis)