9 foreign reinsurers in talks to enter GIFT City via IIO route

As many as nine new foreign reinsurers, including Saudi Re, Kuwait Re, African Re and Abu Dhabi National Insurance Company (ADNIC), among others, are in advanced stages to set up their IFSC insurance offices (IIOS) in GIFT City, according to sources aware of the development.

- AATHIRA VARIER

There are also 10 reinsurers who are in their preliminary stages of discussion.

Recently, Seoul-based reinsurer Korean Reinsurance Company (Korean Re) received approval to set up shop in GIFT City in November 2025, to operate its IIO.

In response to Business Standard's query, Saudi Re said, "India's insurance sector continues its upward trajectory and remains a key strategic market, where we have maintained a strong presence for over a decade. We are keen to pursue opportunities that enable us to serve our clients and partners in the Indian market and reinforce our long-term commitment." There is a growing interest among foreign reinsurers to operate their IIOs in GIFT City due to easier compliance norms and operational flexibility offered there, compared to the mainland route.

The revised cross-border reinsurer (CBR) norms are also nudging reinsurers to the route, experts said.