According to a release from ANI, the insurance and reinsurance business volume of India’s first operational greenfield smart city, Gujarat International Fintech City (GIFT City), has grown rapidly from US$102 million in 2020 to US$1.2 billion in 2025, mainly driven by the non-life insurance and reinsurance segment.
This growth marks an increase of more than 11 times over the past five years and marks a strong expansion in underwriting of India-related risks within the International Financial Services Center (IFSC).
Areas that have particularly contributed to this growth are trade credit, maritime and aviation insurance, which are closely linked to cross-border trade, infrastructure financing and leasing activities.
According to a GIFT City press release, “Premium growth has been supported by steady growth in the number of insurance companies and reinsurers operating in GIFT City. The number of insurance offices (IIOs) has expanded from eight in the early days to about 24 currently, reflecting the shift towards a more underwriting-led ecosystem.”
In fiscal year 2026, a number of global insurance and reinsurance companies announced their presence in GIFT City, including Allianz, Generali, Starr International, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re and Lloyds, as well as domestic insurance companies such as HDFC Life Re, Max Life and Niva Bupa.
These new entrants complement the already established ecosystem, which consists of 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 volume reflects increasing participation from global and domestic insurance companies and growing confidence in GIFT City as an underwriting platform for India-related risks.”
Atul Boda, Group Chairman, JB Boda Group India & Global added, “The GIFT City platform for international reinsurers will not only be their gateway to enter the Indian market but also serve as a gateway for them to grow their business in neighboring regional/global markets. Regulatory provisions and clarity will continue to encourage reinsurers from different geographies to open offices in GIFT City in the future.”