New Delhi, Sept. 24 -- Fifteen reinsurers are expected to apply to set up offices at India's only International Financial Services Centre (IFSC) in GIFT City, Gujarat, in fiscal year 2026-27, seeking to tap the country's Rs.1.12 trillion reinsurance market, said K. Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA).

"Now our focus is on seeing how the reinsurance entities actually undertake more substantial activities and also how to develop talent in the GIFT City ecosystem," Rajaraman said, adding that some applicants may also require clearance from their home regulators before receiving in-principle approval.

A reinsurer is an insurer that provides insurance to other insurers, taking on part of t...