Lloyd’s is one of the world’s most influential underwriting centres for complex risks across sectors such as shipping, aviation, energy and catastrophe insurance. The move to set up base in Gujarat could dramatically boost GIFT City’s access to global underwriting capital, deepen its risk-management capabilities, and signal India’s rising significance on the global reinsurance map.
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REUTERS/Simon Dawson
Marking a landmark step in positioning India’s IFSC as a regional hub for cross-border reinsurance, UK-based insurance and reinsurance powerhouse Lloyd’s of London — renowned for underwriting some of the world’s most complex and high-value risks — is set to establish operations in Gujarat International Finance Tec-City (GIFT City) in Gujarat.
The application is for the establishment of a statutory insurance and reinsurance corporation, authorised to undertake insurance and reinsurance business under the IFSCA Registration of Insurance Business Regulations, 2021, with funds to be remitted from Lloyd’s head office in London. Officials from IFSCA told the businessline that LLoyd’s proposal is currently “under process.”
Lloyd’s is one of the world’s most influential underwriting centres for complex risks across sectors such as shipping, aviation, energy and catastrophe insurance. The move to set up base in Gujarat could dramatically boost GIFT City’s access to global underwriting capital, deepen its risk-management capabilities, and signal India’s rising significance on the global reinsurance map. Lloyd’s declined to comment on the development.
There has been a rapid expansion in the insurance and reinsurance ecosystem at GIFT City. As of December 2025, the number of IFSC Insurance Offices (IIOs) rose to 24 from 19 a year ago, while Insurance Intermediary Offices (IIIOs) climbed to 31 from 25, highlighting consistent growth. Premiums transacted by IIOs and IIIOs together reached $299 million in Q3 FY2025–26, more than double the $148 million recorded a year earlier, reflecting robust year-on-year growth.
While Q3 of FY26 saw a quarter-on-quarter dip in reinsurance gross written premiums, falling to $148.13 million from $235.70 million in Q2, the segment has grown significantly on a year-on-year basis. In comparison to Q3 FY25, when only $52 million was transacted, the current figures represent nearly threefold growth, underscoring the increasing scale and appeal of reinsurance operations at GIFT City.
Another key entrant is Echo Reinsurance Ltd, based in Zurich, which has been granted approval to open a branch in GIFT IFSC where it will undertake reinsurance business. Beyond Lloyd’s and Echo, global insurance and reinsurance majors from South Korea, the United Kingdom, Singapore, Saudi Arabia, UAE and Kazakhstan have either lined up or have been granted approval to establish operations in GIFT City.
The (IIOs) in GIFT City play a key role in supporting trade finance by offering trade credit insurance and export-related risk covers, including protection against credit, political and non-payment risks. These offerings help strengthen exporter confidence and improve the bankability of cross-border transactions. Currently, four IIOs operating out of GIFT IFSC offer seven trade credit insurance products, with the regulator aiming to scale up the ecosystem by attracting more global players and expanding the range of products.
Published on March 18, 2026
