Gandhinagar, April 2 -- GIFT City's insurance and reinsurance ecosystem has witnessed rapid expansion, with premium volumes growing from USD 102 million in 2020 to over USD 1.2 billion by 2025, marking an over 11-fold increase in the past five years and signalling a strong scale-up of India-linked risk underwriting within the International Financial Services Centre (IFSC).

According to GIFT city press release, "The growth in premiums has been supported by a steady increase in the number of insurers and reinsurers operating in GIFT City."

"The number of Insurance Offices (IIOs) has expanded from 8 in the early stages to around 24 currently, reflecting a shift towards a more underwriting-led ecosystem," the release added.

The last financ...