Saudi Re has obtained the approvals from Saudi Arabia’s Insurance Authority and the relevant Indian authorities to open a branch in India’s Gujarat International Finance Tec-City (GIFT City).
Saudi Re, which has been active in the Indian market for more than a decade from its headquarters in Riyadh, made the move after the Indian government unveiled new insurance regulations that give priority to domestic firms and to international reinsurers with branches established in India.
In 2025 alone, several global and domestic reinsurers announced plans to establish offices in GIFT City, signalling confidence in India’s regulatory reforms and growth potential.
These included Peak Re, Singapore Re, Everest Re, Starr and Korean Re, as they sought to strengthen their presence in the Asia-Pacific market.
With the move, Saudi Re is looking to further strengthen its presence in India, one of its largest markets outside Saudi Arabia.
Saudi Re explained that the financial impact is expected to materialise once the branch begins operations in Q2 2026, and that the opening aligns with its expansion strategy to diversify geographic risks, maintain a balanced portfolio and support the sustainability of its technical performance.
“We are delighted to strengthen our presence in the Asian markets with the opening of a branch in India, where the Company has been operating for over ten years. While this initiative makes us closer to our clients India, it will further support the growth of our global business, enhance portfolio balance, and improve operational efficiency,” said Ahmed Al-Jabr, Chief Executive Officer of Saudi Re.
In related news, Swiss Re recently reported that India’s insurance market is poised for a period of robust growth, outpacing other major markets over the next five years.
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 designed to improve transparency and broaden market access.
