Ahmedabad: India’s effort to bring global risk underwriting onshore is gaining momentum at Gujarat International Finance-Tec City (GIFT City), with the International Financial Services Centre (IFSC) witnessing sharp growth in insurance and reinsurance activity. Official data shows premium volumes at GIFT City have surged more than 11-fold in five years, rising from $102 million in 2020 to over $1.2 billion in 2025.The growth is being driven by a steady increase in the number of insurers setting up operations at GIFT-IFSC. Currently, around 24 insurance entities are operating from the hub. In FY26, several global players, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re and Lloyd’s of London, commenced operations, joining domestic firms such as HDFC Life Re, Max Life and Niva Bupa.Officials said the ecosystem was increasingly shifting towards underwriting-led operations, supported by the growing presence of global insurers and reinsurers. This has enhanced underwriting capacity and contributed to market depth.Much of the expansion has been led by non-life insurance and reinsurance segments such as trade credit, marine and aviation, which are closely linked to cross-border trade and infrastructure financing.Existing players including GIC Re, ICICI Prudential, Tata AIA, Marsh, Gallagher and JB Boda have also strengthened the ecosystem, creating a mix of global carriers, domestic insurers and intermediaries.Industry experts said the rising volumes reflect growing confidence in GIFT City as a platform for India-linked and global risk underwriting.“The strong growth in premium volumes reflects increasing participation by global and domestic insurers and growing confidence in GIFT City as a platform for India-linked risk underwriting,” said Ankur Mehta, MD, Guy Carpenter India (a Marsh business).Atul Boda, group chairman, JB Boda Group, said, “The GIFT City platform is emerging as a gateway for international reinsurers to access not just India but also regional and global markets, aided by regulatory clarity and enabling provisions.”
