Several international reinsurers, including Lloyd’s of London, are seeking approval to operate in India’s Gujarat International Finance Tec City (GIFT City). Companies such as Samsung Re, Kenya Re, and Mapfre Re are also looking to establish a presence in the city. GIFT City offers incentives like a tax holiday and capital gain exemptions. The Indian Government aims for GIFT City to compete with global financial centers like Singapore and Dubai. Regulatory changes in the Indian reinsurance sector, including increased foreign direct investment limits, are expected to drive growth. Several international reinsurers have already received approval to operate in GIFT City, with more expected to join by 2026. They plan to offer products not widely available in India, such as surety bonds, parametric insurance, and cyber risk policies. The regulatory environment in GIFT City allows foreign reinsurers to follow their domestic solvency norms, attracting interest from global companies. Dipesh Shah from IFSCA highlighted the growing interest from reinsurers in GIFT City. Lloyd’s of London, Mapfre Re, Samsung Re, and Kenya Re did not provide comments on their applications.

Read more at Yahoo Finance: Global reinsurers move to establish presence in India’s GIFT city