Insurance and reinsurance premium volumes at Gujarat International Finance Tech-City (GIFT City) are set to grow from $102 million in 2020 to over $1.2 billion in 2025, according to an official statement by GIFT City Company Limited on Thursday.
This represents a growth of more than 11 times in five years and reflects the rapid expansion of India-linked risk underwriting at the International Financial Services Center in Gandhinagar, the company statement said.
FY 2025-26 saw the entry of several global insurers and reinsurers into GIFT City, including Allianz, Generali, Star International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re and Lloyd’s of London as well as domestic players such as HDFC Life Re, Max Life and Niva Bupa. Their presence has increased underwriting capacity and expanded the market ecosystem.
The financial year 2025-26 has been a milestone for the hub, which has seen the entry of many global giants. New entrants include Allianz, Generali, Star International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re and Lloyd’s of London as well as domestic players such as HDFC Life Re, Max Life and Niva Bupa. Their presence has increased underwriting capacity and expanded the market ecosystem, the statement said.
Growth has been driven mainly by non-life sectors, particularly trade credit, marine and aviation insurance. These are linked to rapid cross-border trade, infrastructure financing and growing aircraft leasing activity within the IFSC.
Ankur Mehta, managing director, Guy Carpenter India, said the growth in premium volumes reflects growing participation from global and domestic insurers and growing confidence in GIFT City as a platform to underwrite India-linked risks. He said the expansion of underwriting capacity supported by global players is strengthening the ecosystem and enabling India to manage more risk from within.
