GIFT City insurance premiums jump over 11x in five years, exceed $1.2 billion in 2025
According to a media release issued on Thursday, premium volumes expanded from $102 million in 2020 to over $1.2 billion in 2025. The expansion has been supported by a steady rise in the number of insurers and reinsurers operating in GIFT City.
- Apr 2, 2026,
- Updated Apr 2, 2026 6:44 PM IST
GIFT City's insurance and reinsurance ecosystem has recorded strong growth, with premium volumes rising more than 11 times over the past five years to cross $1.2 billion in 2025, reflecting the increasing scale of India-linked risk underwriting at the International Financial Services Centre (IFSC).
According to a media release issued on Thursday, premium volumes expanded from $102 million in 2020 to over $1.2 billion in 2025. The expansion has been supported by a steady rise in the number of insurers and reinsurers operating in GIFT City.
The number of Insurance Offices (IIOs) operating in GIFT City has increased from 8 in the early stages to around 24 at present, indicating a shift towards a more underwriting-led ecosystem. The financial year 2025-26 (FY26) saw the entry of several global insurers and reinsurers, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re, and Lloyd's (Lloyd's of London). Domestic players such as HDFC Life Re, Max Life, and Niva Bupa also expanded their presence, strengthening underwriting capacity and market depth.
These companies add to an already established ecosystem that includes GIC Re, ICICI Prudential, Tata AIA, Marsh, Gallagher, and JB Boda, creating a balanced mix of global risk carriers, domestic insurers, and intermediaries.
Growth in premium volumes has largely been driven by non-life insurance and reinsurance segments, particularly in trade credit, marine, and aviation insurance. These segments are closely linked to cross-border trade, infrastructure financing, and leasing activities, with insurance increasingly being integrated into financial transactions to support risk mitigation and facilitate global capital flows.
Ankur Mehta, Managing Director, Guy Carpenter India (a Marsh business), said, "The strong growth in premium volumes reflects increasing participation by global and domestic insurers and the growing confidence in GIFT City as a platform for India-linked risk underwriting. The expansion of underwriting capacity, supported by the entry of leading global players, is strengthening the ecosystem and enabling more risk to be managed from within India."
Atul Boda, Group Chairman of JB Boda Group India & Global, said, "The GIFT City Platform for international reinsurers will be a gateway to them not only to the Indian market but also for the neighbouring regional/ worldwide market to grow business. The regulatory provision and clarity will continue to encourage reinsurers from different territories to open office in GIFT City in future."
With continued regulatory support and rising participation, GIFT City also mentioned that it is emerging as a key hub for insurance and reinsurance activity.
GIFT City's insurance and reinsurance ecosystem has recorded strong growth, with premium volumes rising more than 11 times over the past five years to cross $1.2 billion in 2025, reflecting the increasing scale of India-linked risk underwriting at the International Financial Services Centre (IFSC).
According to a media release issued on Thursday, premium volumes expanded from $102 million in 2020 to over $1.2 billion in 2025. The expansion has been supported by a steady rise in the number of insurers and reinsurers operating in GIFT City.
The number of Insurance Offices (IIOs) operating in GIFT City has increased from 8 in the early stages to around 24 at present, indicating a shift towards a more underwriting-led ecosystem. The financial year 2025-26 (FY26) saw the entry of several global insurers and reinsurers, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re, and Lloyd's (Lloyd's of London). Domestic players such as HDFC Life Re, Max Life, and Niva Bupa also expanded their presence, strengthening underwriting capacity and market depth.
These companies add to an already established ecosystem that includes GIC Re, ICICI Prudential, Tata AIA, Marsh, Gallagher, and JB Boda, creating a balanced mix of global risk carriers, domestic insurers, and intermediaries.
Growth in premium volumes has largely been driven by non-life insurance and reinsurance segments, particularly in trade credit, marine, and aviation insurance. These segments are closely linked to cross-border trade, infrastructure financing, and leasing activities, with insurance increasingly being integrated into financial transactions to support risk mitigation and facilitate global capital flows.
Ankur Mehta, Managing Director, Guy Carpenter India (a Marsh business), said, "The strong growth in premium volumes reflects increasing participation by global and domestic insurers and the growing confidence in GIFT City as a platform for India-linked risk underwriting. The expansion of underwriting capacity, supported by the entry of leading global players, is strengthening the ecosystem and enabling more risk to be managed from within India."
Atul Boda, Group Chairman of JB Boda Group India & Global, said, "The GIFT City Platform for international reinsurers will be a gateway to them not only to the Indian market but also for the neighbouring regional/ worldwide market to grow business. The regulatory provision and clarity will continue to encourage reinsurers from different territories to open office in GIFT City in future."
With continued regulatory support and rising participation, GIFT City also mentioned that it is emerging as a key hub for insurance and reinsurance activity.