Insurance Activity at GIFT City Gains Momentum with Global Entrants

by R. Suryamurthy April 3, 2026

By R. Suryamurthy April 3, 2026 0 comments 2 minutes read

Representative Image.

India’s flagship financial hub at GIFT City is fast emerging as a serious player in global risk markets, with insurance and reinsurance premiums surging more than elevenfold in five years to cross $1.2 billion, underscoring a sharp build-up in underwriting activity within the country’s first International Financial Services Centre.

Premium volumes, which stood at just $102 million in 2020, have scaled rapidly alongside a steady influx of global and domestic insurers, signaling a structural shift in how India-linked risks are being priced and managed. The number of Insurance Offices (IIOs) operating in the IFSC has expanded from eight in its early phase to around 24, reflecting growing confidence in the platform’s regulatory and business environment.

The latest financial year saw a wave of high-profile entrants, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company, Qatar Re, Singapore Re, Doha Re and Lloyd’s of London. Domestic firms such as HDFC Life, Max Life Insurance and Niva Bupa have also strengthened their presence, widening the market’s underwriting base.

These additions build on an ecosystem already anchored by players such as GIC Re, ICICI Prudential Life Insurance, Tata AIA Life Insurance, Marsh McLennan, Gallagher and J.B. Boda Group, creating a mix of global risk carriers, domestic insurers and intermediaries.

Much of the growth has been driven by non-life insurance and reinsurance, particularly in segments such as trade credit, marine and aviation—areas closely tied to cross-border commerce, infrastructure financing and leasing. Industry executives say insurance is increasingly being embedded into financial transactions, helping mitigate risks and facilitate global capital flows.

“The strong growth in premium volumes reflects increasing participation by global and domestic insurers and growing confidence in GIFT City as a platform for India-linked risk underwriting,” said Ankur Mehta, Managing Director at Guy Carpenter India, adding that the entry of leading global players is expanding underwriting capacity and enabling more risks to be retained within India.

Atul Boda, chairman of the J.B. Boda Group, said the IFSC platform is evolving into a gateway not just for India but also for regional and global markets, with regulatory clarity expected to attract more reinsurers in the coming years.

Backed by policy support and a widening pool of participants, GIFT City is positioning itself as a key node in international insurance and reinsurance flows, reinforcing India’s ambitions to build a globally competitive financial services ecosystem.