Indian non-life insurer ICICI Lombard General Insurance has received approval from the International Financial Services Centre (IFSC) Authority to set up an IFSC Insurance Office (IIO) in GIFT City at Gandhinagar in Gujarat.
The IIO will help ICICI Lombard to harness new opportunities in both insurance and reinsurance by offering solutions to Indian corporates and individuals overseas.
The company will be able to offer customized products through foreign intermediaries to Indian Corporates and individuals at SEZs/IFSC in other countries.
“We are excited to set up an IFSC Insurance Office and being the first player in the private insurance sector to do so,” said Bhargav Dasgupta, MD & CEO ICICI Lombard.
“This step will enable us to expand our distribution reach and offer our range of risk management solutions to Indian customers based across the world. We look forward to meeting their varied needs through our diverse product suite.”
Shri Tapan Ray, MD & Group CEO, GIFT City, also commented: “IFSC at GIFT City is fast emerging as a hub for global financial services business. While Banking and Capital Markets verticals have been doing extremely well, the insurance and re-insurance business in IFSC is also gaining momentum, with ICICI Lombard making a beginning by becoming the first private insurer to obtain license in GIFT IFSC for direct insurance and reinsurance business. We invite other insurance companies to take advantage of the benefits available at IFSC for their offshore insurance business.”
