Mumbai, Sept. 1 -- General Insurance Corporation of India (GIC Re) has flagged the influx of new reinsurers into GIFT City as a challenge for the industry, even as it remains optimistic about the long-term growth of India's insurance market.

"The outlook for the insurance and reinsurance industry remains positive, although the operating environment will continue to require careful navigation and risk discipline," Hitesh Joshi said in his maiden annual report address as the company's recently appointed chairman. The insurer's FY26 annual report was released on Monday.

The chairman and managing director said this was particularly relevant given the influx of new reinsurance players into GIFT City.

GIC Re's domestic business remains its m...