GIFT City's insurance premiums quadruple to $648.7 million in FY26

Gross premiums underwritten by IFSC Insurance Offices in GIFT City rose fourfold in FY26, driven by rapid expansion in reinsurance business and a doubling of insurance entities

Gross premiums underwritten by IFSC Insurance Offices (IIOs) operating in GIFT City quadrupled to $648.68 million in 2025-26 (FY26) from $162.10 million in the previous financial year, driven primarily by strong growth in the reinsurance business, according to the latest International Financial Services Centres Authority (IFSCA) Bulletin.

 

The gross premiums underwritten by reinsurers rose to $607.96 million in FY26 from $147.13 million a year earlier. Premiums underwritten by direct insurers increased to $40.72 million from $14.96 million during the period.

 

IIOs are specialised insurance and reinsurance branches registered with the IFSCA to operate within Gujarat International Finance Tec-City (GIFT City), offering services in foreign currencies and providing access to global insurance and reinsurance markets.

 

 

The premium base has expanded steadily over the past few years, rising from $84 million in FY23 to $162.10 million in FY25 and further to $648.68 million in FY26.

 

In April, GIFT City said its insurance and reinsurance premium ecosystem had expanded more than eleven-fold over the past five years, reaching more than $1.2 billion in 2025 from $102 million in 2020. Growth has been supported by a steady increase in the number of insurers and reinsurers operating from the international financial services centre.

 

The number of insurance entities operating in GIFT City doubled to 36 as of March 31, 2026, from 18 a year earlier. Of these, 14 were direct insurance companies and 22 were reinsurance companies.

 

During the January-March quarter of FY26, gross premiums underwritten by IIOs rose to $202.3 million from $50 million in the corresponding quarter of the previous year, with reinsurance accounting for the bulk of the business.

 

Premium volumes recovered in the March quarter after declining to $157 million in the October-December quarter of FY26 from $246 million in the preceding quarter.

 

The gross premium underwritten in the reinsurance business increased to $187 million in the fourth quarter of FY26 from $46 million a year earlier. Premiums underwritten by direct insurers rose to $15.38 million from $4 million during the same period, indicating strong growth across both business segments.