Insurance and reinsurance volumes have expanded rapidly at Gujarat International Finance Tec-City (GIFT City), India’s first operational greenfield smart city, hitting $1.2 billion in 2025 from $102 million in 2020, driven largely by non-life insurance and reinsurance segments, according to a release on ANI.
The growth marks an over 11-fold increase in the last five years, and signals a strong scale-up of India-linked risk underwriting within the International Financial Services Centre (IFSC).
The segments that have contributed to this growth particularly are trade credit, marine, and aviation insurance, which are closely linked to cross-border trade, infrastructure financing, and leasing activity.
According to a GIFT city press release, “The growth in premiums has been supported by a steady increase in the number of insurers and reinsurers operating in GIFT City. The number of Insurance Offices (IIOs) has expanded from 8 in the early stages to around 24 currently, reflecting a shift towards a more underwriting-led ecosystem.”
In the 2026 financial year, several global insurers and reinsurers marked their entry into GIFT City, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re, and Lloyd’s, along with domestic players such as HDFC Life Re, Max Life, and Niva Bupa.
These new entrants add to an already established ecosystem comprising players such as GIC Re, ICICI Prudential, Tata AIA, Marsh, Gallagher, and JB Boda.
Ankur Mehta, Managing Director, Guy Carpenter India, commented, “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.”
Atul Boda, Group Chairman, J.B. Boda Group India & Global, added, “The GIFT City Platform for international reinsurers will be a gateway to them not only to the Indian market but also for the neighbouring regional/worldwide market to grow business. The regulatory provision and clarity will continue to encourage reinsurers from different territories to open an office in GIFT City in future.”
