GIFT City's International Financial Services Centre (IFSC) has emerged as a significant hub for the insurance industry, with more than 20 insurers and reinsurers setting up operations in the Gujarat-based financial centre, according to an Economic Times report on July 20.
The IFSC now hosts branches and subsidiaries of global reinsurers including Munich Re, Swiss Re, Hannover Re, and SCOR, along with domestic players like GIC Re and Allianz Jio Re. Several direct insurers are also exploring IFSC-based operations to write cross-border business.
Key advantages include: 100% FDI through the IFSC route without the 74% cap applicable to onshore insurers; tax holiday on income from offshore insurance business; simpler regulatory framework under the IFSC Authority; and no requirement for local partner or joint venture structure for foreign reinsurers. The cumulative premium written through GIFT IFSC-based insurers has crossed Rs 5,000 crore in FY26.
Source: Economic Times (July 20, 2026)