Reinsurance Revolution! Singapore Re Lands Big in India’s GIFT City

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Singapore Reinsurance Corporation (SIng Re) has secured a reinsurance branch license from the International Financial Services Centres Authority (IFSCA), becoming an authorized IFSC Insurance Office (IIO) in Gujarat International Finance Tec-City (GIFT City). This strategic move enhances SIng Re's presence in India, enabling it to offer niche reinsurance solutions with an onshore advantage.

Sing Re's entry into GIFT City is a significant milestone in its India growth strategy.

IIO status allows the reinsurer to underwrite Property & Casualty reinsurance business under the Order of Preference regime.

The move is part of India's vision to make GIFT City a global financial hub.

Reinsurance Offerings and Industry Impact

Sing Re will offer Treaty and Facultative reinsurance products for various industries, namely property, energy, marine, casualty, agriculture, and medical insurance.

The presence of the reinsurer in GIFT City makes Indian insurers more accessible to global-standard risk management products.

The expansion strengthens India's position as a competitive reinsurance hub, opening it to international players.

Future Prospects and Industry Cooperation

Sing Re's venture into GIFT City is also anticipated to fuel innovation in India's insurance industry.

Association with Fairfax group of reinsurer improves its reputation and market position.

Regulatory support from IFSCA gives a good platform to foreign reinsurers for business in India.

Sing Re, through this action, will be one of the prime movers in shaping India's evolving reinsurance market.

References: Singapore Re Corporate Announcement, Asia Insurance Review.