Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), while addressing the 3rd IFSCA-IRDAI-GIFT City Global Reinsurance Summit in Mumbai, said that India’s re/insurance industry is on the verge of transformative growth and called the industry “critical” to achieve the country’s economic goals.
The summit brought together key stakeholders across the financial services ecosystem and Minister Nagaraju also highlighted the key role of IFSCA in driving India’s ambition to become a global reinsurance hub.
He pointed out that under the IFSCA Act 2019, GIFT City IFSC operates in compliance with global standards, regulates IFSC insurance offices, allows foreign reinsurers to set up branches and enables seamless reinsurance across IFSCs, special economic zones, domestic customs territories and international markets.
Several global and domestic reinsurers have recently opened 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 looking to strengthen their presence in the Asia-Pacific market.
Prateek Singhal, executive chairman and head of reinsurance at Howden India, told us last year that the Indian reinsurance industry is poised to grow significantly in 2026, driven by government initiatives, the issuance of new insurance licenses and GIFT City emerging as a pioneer financial hub.
Recently, Swiss Re reported that the Indian insurance market is expected to grow strongly over the next five years, outperforming other major global markets.
The global reinsurer’s report “India Economic and Insurance Market Outlook 2026-2030: Resilience and Growth Amid Global Change” forecasts annual premium growth of 6.9% between 2026 and mid-2030, making India the fastest-growing major insurance market in the world.
Swiss Re emphasized that strong macroeconomic fundamentals, growing consumer demand and the above-mentioned regulatory reforms have driven the growth of the industry.
At the summit, Minister Nagaraju further highlighted the upward trajectory of the Indian insurance and reinsurance industry, encouraging domestic insurance companies and reinsurers to leverage global opportunities through GIFT City and work with all stakeholders to achieve “Insurance for All by 2047”.
He reiterated that the re/insurance industry is critical in advancing India’s economic goals and strengthening its role in the global economy.
Talking about the broader context, Nagaraju pointed out that India, with a population of over 1.46 billion, is the world’s largest democracy and despite facing global challenges, remains the fastest growing large economy, with a growth rate of 6.6% expected in 2026.