Insurance and reinsurance premium volumes at Gujarat International Finance Tec-City (GIFT City) have grown from $102 million in 2020 to over $1.2 billion in 2025, according to an official statement by GIFT City Company Ltd on Thursday.
This marks an over-11-fold rise in five years and reflects a rapid expansion of India-linked risk underwriting at the International Financial Services Centre in Gandhinagar, the company’s statement said.
The financial year 2025-26 saw the entry of several global insurers and reinsurers at GIFT City, including Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re and Lloyd’s of London, along with 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, witnessing the entry of several global heavyweights. New entrants include Allianz, Generali, Starr International Insurance, Abu Dhabi National Insurance Company (ADNIC), Qatar Re, Singapore Re, Doha Re and Lloyd’s of London, along with 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 added.
The growth is primarily fueled by non-life segments, specifically trade credit, marine, and aviation insurance. These are increasingly linked to cross-border trade, infrastructure financing, and the burgeoning aircraft leasing activity within the IFSC.
Ankur Mehta, managing director of Guy Carpenter India, said the growth in premium volumes reflects increased participation by global and domestic insurers and growing confidence in GIFT City as a platform for underwriting India-linked risks. He said the expansion of underwriting capacity supported by global players is strengthening the ecosystem and enabling more risk to be managed from within India..
