GIFT City's insurance and reinsurance ecosystem has seen rapid expansion, with premium volumes rising from $102m in 2020 to more than $1.2bn in 2025, representing an increase of almost 11 times over five years and highlighting the significant scale-up of India-linked risk underwriting within the International Financial Services Centre (IFSC).
This growth was supported by a steady rise in market participants, with the number of Insurance Offices (IIOs) increasing from eight in the early stages to around 24 today, signalling a shift towards a more underwriting-driven ecosystem.
In the fiscal year ended 31 March 2026, GIFT City also attracted several global insurers and reinsurers, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company, Qatar Re, Singapore Re, Doha Re and Lloyd’s of London, alongside domestic players such as HDFC Life Re, Max Life Insurance, and Niva Bupa Health Insurance.
Their entry has further strengthened underwriting capacity and deepened market sophistication.
These new entrants build on an already established ecosystem that includes players such as GIC Re, ICICI Prudential Life Insurance, Tata AIA Life Insurance, Marsh McLennan, Arthur J. Gallagher & Co., and J B Boda Group, resulting in a well-balanced mix of global risk carriers, domestic insurers, and intermediaries.
Growth has been led primarily by the non-life insurance and reinsurance segments, especially in lines such as trade credit, marine, and aviation insurance, which are closely tied to cross-border trade, infrastructure financing, and leasing activity.
Increasingly, insurance is being embedded within financial transactions, helping to strengthen risk management frameworks and facilitate global capital flows.
Guy Carpenter India Managing Director Ankur Mehta 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. The expansion of underwriting capacity, supported by the entry of leading global players, is strengthening the ecosystem and enabling more risk to be managed from within India”.
Similarly, J B Boda Group India and Global Group Chairman Atul Boda said, “The GIFT City Platform for international reinsurers will be a gateway, not only to the Indian market but also to the neighbouring regional/ worldwide market to grow business. The regulatory provisions and clarity will continue to encourage reinsurers from different territories to open an office in GIFT City in future.”