Some of the world’s biggest reinsurers, including Lloyd’s of London, are seeking Indian regulatory approval to operate in a low-tax city set up in the prime minister’s h
ome state to try to rival other international financial hubs, two sources said.
The global companies, which also include South Korea’s Samsung Re, Kenya Re and Spain’s Mapfre Re, will join more than a dozen global reinsurers from Eu
rope, the Middle East and Asia that are turning to the new city to gain access to India’s $129.78 billion insurance market, estimated by the industry to be the tenth largest in the world.
The two sources, who spoke on condition of anonymity because they were not authorized to speak to the press, said the companies were expected to seek approval this year.
Email queries sent to Mapfre Re, Samsung Re and Kenya Re were not answered. A Lloyd’s of London spokesperson declined to comment. The companies’ plans to
set up operations in the Gujarat International Finance Tec‑City, or GIFT City, have not been previously reported.
The city offers businesses favorable tax treatment, such as a 10-year tax holiday and exemption from capital gains.
The government has said it hopes it will rival Singapore and Dubai as an international financial center.
India’s reinsurance market is currently dominated by Swiss Re and Munich Re, as well as private firms and the government-owned GIC Re that is widely expected
to grow after the government introduced reforms to deepen India’s insurance penetration.
Saudi Re and Others Have Received Approval
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A few large reinsurers have received approvals over the last year to begin operating in GIFT City. These include Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhab
i National Insurance and Kazakh‑based Eurasia Insurance Company JSC, according to regulatory officials and company statements.
Saudi Re earlier this week opened its GIFT City branch, its second in Asia after Malaysia.
Korean Re has said its expansion reflected its commitment to India’s high growth insurance sec
tor, while Hong Kong‑based Peak Re, which received a license in March 2025, said it plans to offer life and non-life insurance.
About 14 global reinsurers operate from GIFT City, managing an annualized $700–800 million in premiums, public disclosures show.
The number of reinsurers is expected to increase to at least 20 by the end of March 2026, two regulatory officials said, declining to be identified as final approvals are pending.