Korean Reinsurance Company (Korean Re) has secured regulatory approval to set up a branch in Gujarat International Finance Tech-City (GIFT City), India’s International Financial Services Centre (IFSC), the company announced in a press release.
The company received authorisation on 6 November from the International Financial Services Centres Authority (IFSCA) to operate as an IFSC Insurance Office (IIO). The reinsurer said it aims to begin operations in April 2026.
India, the world’s tenth-largest insurance market, continues to record rapid growth supported by economic development and financial sector reform. According to Korean Re, its entry through GIFT City “underscores its commitment to serving the high-growth market effectively.”
GIFT City, developed as part of the Indian government’s efforts to establish a global financial hub, houses banks, insurers, and capital market entities serving both domestic and international markets.
“We expect our new branch in India to enhance our ability to respond to the dynamic growth of emerging markets,” said Jonggyu Won, the reinsurer’s President and CEO.
Korean Re joins other international reinsurers who were given approval to operate the financial hub this year, including Everest Re, Sing Re and Peak Re.
