Gandhinagar (Gujarat) [India], April 2 : GIFT City's insurance and reinsurance ecosystem has witnessed rapid expansion, with premium volumes growing from USD 102 million in 2020 to over USD 1.2 billion by 2025, marking an over 11-fold increase in the past five years and signalling a strong scale-up of India-linked risk underwriting within the International Financial Services Centre (IFSC).
According to GIFT city press release, "The growth in premiums has been supported by a steady increase in the number of insurers and reinsurers operating in GIFT City."
"The number of Insurance Offices (IIOs) has expanded from 8 in the early stages to around 24 currently, reflecting a shift towards a more underwriting-led ecosystem," the release added.
The last financial year (FY26) witnessed the entry of several global insurers and reinsurers at GIFT City, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re, and Lloyd's (Lloyd's of London), along with domestic players such as HDFC Life Re, Max Life, and Niva Bupa. Their presence has strengthened underwriting capacity and deepened the overall market.
These new entrants add to an already established ecosystem comprising players such as GIC Re, ICICI Prudential, Tata AIA, Marsh, Gallagher, and JB Boda, creating a balanced mix of global risk carriers, domestic insurers, and intermediaries.
Growth has been driven largely by non-life insurance and reinsurance segments, particularly in areas such as trade credit, marine, and aviation insurance, which are closely linked to cross-border trade, infrastructure financing, and leasing activity. Insurance is increasingly being integrated into financial transactions, supporting risk mitigation and enabling global capital flows.
Commenting on the development Ankur Mehta, Managing Director, Guy Carpenter India (A MARSH Business), said, "The strong growth in premium volumes reflects increasing participation by global and domestic insurers and the growing confidence in GIFT City as a platform for India-linked risk underwriting."
Atul Boda, Group Chairman, J.B. Boda Group India & Global, said, "The GIFT City Platform for international reinsurers will be gateway to them not only to Indian market but also for the neighboring regional/ worldwide market to grow business. The regulatory provision and clarity will continue to encourage reinsurers from different territories to open office in GIFT City in future."
With continued regulatory support and rising participation, GIFT City is emerging as a key hub for insurance and reinsurance activity, supporting the development of a more integrated and globally competitive financial ecosystem.
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