Saudi Reinsurance Company (Saudi Re) has inaugurated a branch in Gujarat International Finance Tec-City (GIFT City), becoming the latest in a growing roster of global reinsurers drawn to India's burgeoning insurance market and its increasingly favorable regulatory environment.
The launch, held in Mumbai under the patronage of Sulaiman Al-Otaibi, Consul General of the Kingdom of Saudi Arabia, marks Saudi Re's second operational foothold in Asia following the establishment of its Malaysia branch in 2014.
The Saudi reinsurer's arrival underscores GIFT City's rapid emergence as a preferred destination for international re/insurance companies seeking access to one of the world's fastest-growing insurance markets.
Korean Reinsurance Company secured regulatory approval for its own GIFT City branch in November 2025, with operations slated to commence in April this year. The Seoul-based reinsurer pointed to the "dynamic growth of emerging markets" as a key driver behind its decision to establish a presence in the jurisdiction.
In December, Berkley Insurance's GIFT City branch achieved a regulatory milestone, becoming the first property and casualty insurer to hold both insurance and reinsurance licenses in the special economic zone. The US-based insurer is targeting specialty lines including cyber, financial lines, and marine coverage.
The influx of international players comes as India's insurance regulatory framework increasingly prioritizes domestic companies and international branches operating within the country – a shift that has prompted global reinsurers to reconsider their market-entry strategies.
Ahmed Al-Jabr, chief executive officer of Saudi Re, said the company has maintained operations in India for more than a decade and views the branch as a natural progression of its regional commitment.
"We are delighted to strengthen our presence in the Asian markets with the opening of a branch in India, where the Company has been operating for over ten years," Al-Jabr said.
He noted that the initiative would bring the reinsurer closer to its Indian clients while supporting broader business objectives. The branch will "further support the growth of our global business, enhance portfolio balance, and improve operational efficiency," Al-Jabr added.
India ranks among the world's top 10 insurance markets, with total premiums exceeding US$130 billion annually. For Saudi Re, Asia currently accounts for 22% of its business portfolio – a share the company appears keen to expand through its enhanced regional presence.
The expansion aligns with the objectives of Saudi Arabia's National Insurance Strategy, which seeks to enable domestic reinsurers to grow their footprint in international markets.
Saudi Re, a portfolio company of the Public Investment Fund and listed on the Saudi Exchange, maintains a capital base of SAR 1.7 billion (US$453 million).
