GIFT IFSC attracts reinsurers from Saudi Arabia, UAE and Kazakhstan as premiums quadruple

The spike reflects the renewed momentum and growing participation of global reinsurers Photo credit: VIJAY SONEJI

“Foreign reinsurance entities are the hottest new entrants in GIFT IFSC. They are all foreign as they are the CBRs (Cross Border Reinsurers) sitting outside the country. This is where a lot of reinsurance capacity is being built. There are around nine reinsurance companies in GIFT City and another 10 entities are in advanced stages of deployment,” K Rajaraman, chairman of the International Financial Services Authority (IFSCA) told us. business line. Reinsurance acts as a risk management tool for insurance companies by allowing them to transfer part of their policy risks to another company, i.e. the reinsurer. This relationship is established through a formal contract.

Among the reinsurance entities that have submitted applications to set up a base in GIFT IFSC include the Saudi Reinsurance Company, the only dedicated reinsurer based in Saudi Arabia and a company that operates in more than 40 global markets and plans to commence reinsurance activities. The company, which filed earlier this month, is backed by strong credit ratings from Moody’s and S&P and has recently strengthened its capital base, underscoring its expansion plans. Similarly, Abu Dhabi National Insurance Company PJSC (ADNIC), one of the UAE’s oldest and largest insurers with a broad commercial and consumer insurance portfolio, also submitted its application to the IFSC Authority on October 18 this year. Listed on the Abu Dhabi Securities Exchange, ADNIC is known for its strong underwriting capabilities in the energy, maritime, tech and financial sectors.

Kazakhstan-based Eurasia Insurance Company JSC, one of Central Asia’s largest insurers and a rare member of the London-based International Underwriting Association in the CIS region, has also sought approval to establish a reinsurance arm within the IFSC. Eurasia maintains relationships with leading global reinsurers and has financial strength ratings from both AM Best and S&P.

Reinsurance growth in GIFT City

The new interest coincides with a strong increase in business volumes. In the second quarter of FY25-26, reinsurance activity at the IFSC recorded four-fold growth, with gross written premiums rising to $199.52 million, a sharp increase from $51.75 million in the same quarter of the previous year. The spike reflects the renewed momentum and growing participation of global reinsurers. Among those approved to operate in GIFT IFSC is Hong Kong-based Peak Reinsurance Company, which on February 20 obtained a reinsurance branch license to underwrite both property and casualty insurance and life insurance. Similarly, Singapore Reinsurance Corporation (Sing Re) has also received IFSCA approval to open a Category-2 reinsurer IIO in GIFT City, authorized for property and casualty reinsurance, while Everest Reinsurance Company established its IFSC branch after obtaining its IIO registration certificate from IFSCA on September 19.

“The Cross Border Reinsurance companies used to write from other locations such as Zurich, Frankfurt or the US. Total outbound reinsurance from India is $5.4 billion per year. Now a lot of reinsurance capacity is being built here. The business is expanding and more and more insurance brokers are coming in to negotiate deals. In a few years, Indian insurers may not need to go outside anymore. In fact, reinsurance capacity is needed in new areas such as cyber security. These are areas where India does not have sufficient reinsurance capacity,” Rajaraman added.

Until the end of the second quarter of FY26, IFSCA has authorized 22 insurance and reinsurance entities to operate in GIFT IFSC, including nine reinsurers, seven life insurers, four general insurers and two health insurers. The ecosystem is supported by 30 insurance intermediaries, including 25 brokers, four corporate agents and one surveyor and claims adjuster.

Published on November 27, 2025