Qatar Islamic Insurance Group has received a license from the authorities of the International Financial Services Centre (IFSC) to establish an Indian branch to conduct reinsurance business in Gujarat International Finance Tec-City (GIFT City).
The firm is the latest in a long line of re/insurers to establish its presence in GIFT City. The IFSC recently reported that total registrations and authorisations granted rose to 1,213 as of March 2026, compared with 1,114 in December 2025, highlighting continued expansion.
Reinsurance News recently reported that insurance and reinsurance volumes in GIFT City rose sharply, hitting USD 1.2 billion in 2025 from USD 102 million in 2020, driven largely by non-life insurance and reinsurance segments.
In the last five years, the market has recorded an over 11-fold increase, signalling strong scale-up of India-linked risk underwriting within IFSC.
The roster of participants at the hub now includes global re/insurers and brokers from Europe, Australia, Asia Pacific, the Middle East, and Africa.
Earlier this month, EarthRe Insurance IFSC Limited, a technology-driven, non-life reinsurance company, became the first locally incorporated reinsurer at GIFT City after receiving IFSCA approval for its reinsurance licence.
Additionally, Singapore-headquartered non-life insurer MS First Capital Insurance Limited also commenced reinsurance operations at GIFT City on July 29th, 2026.
Market players like International General Insurance Holdings Ltd. (IGI), Kuwait Re, Niyam, Echo Re, and Partner Re have secured licenses to operate in GIFT City.
PB Fintech’s Joint Group Chief Executive Officer, Sarbvir Singh, in an interview with Reinsurance News, emphasised that a more open and predictable regulatory environment is attracting global reinsurance companies to GIFT City.
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