Global reinsurance majors from Spain, the UK and Singapore are lining up to enter the International Financial Services Centre (IFSC) at GIFT City, signalling rising international confidence in India’s reinsurance ecosystem under the International Financial Services Centres Authority (IFSCA).
According to applications filed with the IFSCA in December, Madrid-based Mapfre Re Compania De Reaseguros SA has submitted an application to register itself as an Insurance Office (IIO) for undertaking reinsurance business under the IFSCA (Registration of Insurance Business) Regulations, 2021.
Mapfre Re is the global reinsurance arm of Spain’s MAPFRE Group, headquartered in Madrid, and is ranked among the world’s largest reinsurers, with operations in over 100 countries through 18 offices.
In a similar move, London-based C&C Insurance Group, a speciality insurance and reinsurance platform, has also applied to set up a reinsurance presence in GIFT City through an IFSC entity named C&C RE IFSC Private Limited, seeking approval to operate as an IIO under the same regulatory framework.
Adding to the growing list of international players, Partner Reinsurance Asia Pte Ltd, headquartered in Singapore, has also filed an application with the IFSCA to undertake reinsurance business from GIFT City. Partner Reinsurance Asia Pte Ltd is the Singapore-based regional arm of PartnerRe, a global reinsurer offering property, casualty, and speciality solutions across Asia.
IFSCA regulations allow foreign insurers and reinsurers to operate in IFSCs through IIOs, enabling them to write offshore insurance and reinsurance business in foreign currency from India. The regulator has been actively positioning GIFT City as a competitive alternative to global reinsurance hubs such as Singapore, London, and Dubai, strengthening India’s role in the global insurance and reinsurance value chain.