Addressing the third edition of the IFSCA–IRDAI–GIFT City Global Reinsurance Summit in Mumbai, Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), said India is on the verge of transformative growth in its re/insurance sector, describing the industry as “crucial” to achieving the country’s economic goals.
The Summit, which brings together key stakeholders from across the financial services ecosystem, also saw Secretary Nagaraju underscore the pivotal role of the IFSCA in advancing India’s ambition to become a global reinsurance hub.
He noted that under the IFSCA Act, 2019, GIFT City IFSC operates in line with global standards, regulates IFSC insurance offices, permits foreign reinsurers to establish branches, and enables seamless reinsurance across IFSCs, SEZs, domestic tariff areas, and international markets.
Several global and domestic reinsurers have recently established offices in GIFT City, reflecting strong confidence in India’s regulatory reforms and growth potential.
Notable entrants include Peak Re, Singapore Re, Everest Re, Starr, Korean Re, and Saudi Re, all seeking to strengthen their presence in the Asia-Pacific market.
Highlighting the sector’s potential, Prateek Singhal, Executive President & Head of Reinsurance, Howden India, told us last year that India’s reinsurance sector is poised for significant growth in 2026, driven by government initiatives, the issuance of new insurance licences, and GIFT City’s emergence as a pioneering financial hub.
The global reinsurer’s report, “India’s economic and insurance market outlook 2026-2030: resilient and rising amid global shifts,” forecasts mid-term annual premium growth of 6.9% between 2026 and 2030, positioning India as the fastest-growing major insurance market worldwide.
Swiss Re highlighted that the sector’s growth is being driven by strong macroeconomic fundamentals, rising consumer demand, and the above mentioned regulatory reforms.
At the summit, Secretary Nagaraju further emphasized the upward trajectory of India’s insurance and reinsurance sectors, encouraging domestic insurers and reinsurers to leverage global opportunities through GIFT City and collaborate with all stakeholders to achieve “Insurance for All by 2047.”
He reiterated that the re/insurance sector is critical in driving India’s economic objectives and strengthening its role in the global economy.
Noting the broader context, Nagaraju pointed out that India, home to over 1.46 billion people, is the world’s largest democracy and, despite global challenges, remains the fastest-growing large economy, with growth projected at 6.6% in 2026.
