GIFT City IFSC Attracts Saudi, UAE, and Kazakh Reinsurers as Premiums Quadruple.

GIFT City’s International Financial Services Centre (IFSC) is witnessing a surge in interest from global reinsurers, with new applications from Saudi Arabia, the United Arab Emirates (UAE), and Kazakhstan. The growth comes as reinsurance business at the IFSC has quadrupled, highlighting its rising stature as a regional hub for reinsurance.

“Foreign reinsurance entities have been the hottest entrants in GIFT IFSC. All of them are foreign because they are the CBRs (Cross Border Reinsurers) operating from outside the country. Significant reinsurance capacity is being built here. Currently, there are about nine reinsurance companies in GIFT City, with another 10 entities in advanced stages of application,” K Rajaraman, Chairperson of the International Financial Services Authority (IFSCA), told BusinessLine. Reinsurance allows insurance companies to transfer part of their risk to another company under a formal contract, serving as a key risk management tool.

Among the new applicants is the Saudi Reinsurance Company, Saudi Arabia’s only dedicated reinsurer, which operates across more than 40 global markets. Backed by strong credit ratings from Moody’s and S&P and a recently enhanced capital base, the company plans to commence operations in GIFT IFSC. Similarly, Abu Dhabi National Insurance Company PJSC (ADNIC), one of the UAE’s largest insurers with expertise in energy, marine, engineering, and financial lines, submitted its application on October 18 to establish a presence in the IFSC. These developments signal increasing international confidence in GIFT City as a strategic reinsurance destination.