Saudi Reinsurance has received approval from the Saudi Arabian Insurance Authority and relevant Indian authorities to open a branch in the International Financial Technology City (GIFT City) in Gujarat, India.
The move by Riyadh-based Saudi Re, which has been active in the Indian market for more than a decade, comes after the Indian government unveiled new insurance regulations that prioritize domestic companies and international reinsurers with branches in India.
In 2025 alone, several global and domestic reinsurers have announced plans to open offices in GIFT City, demonstrating confidence in India’s regulatory reforms and growth potential.
These include Peak Re, Singapore Re, Everest Re, Starr Re and Korean Re, as they seek to strengthen their presence in the Asia-Pacific market.
With the move, Saudi Re hopes 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 be felt once the branch begins operations in the second quarter of 2026 and that the opening of the branch is in line with its expansion strategy to diversify geographical risks, maintain a balanced portfolio and support the sustainability of its technical performance.
In related news, Swiss Re recently reported that the Indian insurance market is set for a period of strong growth, surpassing other major markets over the next five years.
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 highlighted that growth in the industry has been driven by strong macroeconomic fundamentals, growing consumer demand and the aforementioned regulatory reforms aimed at increasing transparency and expanding market access.
