Doha Insurance Group(DIG) is currently working on completing the necessary procedures and obtaining the required regulatory approvals for Gift City project from the Qatar Central Bank and the other regulatory and supervisory authorities in the Republic of India, said the company
Doha: Doha Insurance Group(DIG) has announced its plans to open a branch in Gujarat International Financial Tec-City (GIFT City), India’s sole International Finance Services Centre(IFSC), to engage in reinsurance business.
DIG has already obtained the approval from the Qatar Central Bank for its India venture.
The reinsurers located in the Gift City, licensed by International Financial Services Centre Authority(IFSCA), can provide reinsurance support both to IFSC Insurance Offices (IIOs) which are based within the IFSC, a special economy zone for financial services, and direct Indian insurers, spread all over the country.
They can also provide reinsurance and retro support(reinsurers buying insurance covers) to insurers and reinsurers based outside India.
The IFSCA has recently granted its third reinsurance license to an overseas player- Berkley Insurance Asia, after Allianz Partners and AXA in the last two years.
State owned GIC Re also operates from the GIFT City.
This step comes as a continuation of the series of successes that the Group has achieved in it’s other regional centers, where these branches have significantly contributed to enhancing the Group’s revenues and strengthening its insurance portfolio, said the company in a filing with Qatar Stock Exchange.
The Group is currently working on completing the necessary procedures and obtaining the required regulatory approvals for this new project from the Qatar Central Bank and the other regulatory and supervisory authorities in the Republic of India, added the company.
Engaged in the business of insurance and re-insurance, DIG is a Qatari shareholding company registered in the state of Qatar since 1999, and listed on Qatar Exchange.
During 2006, the Company established an Islamic Takaful branch under the brand name “Doha Takaful” to carry out insurance and reinsurance activities in accordance with Islamic Sharia principles on a non-usury basis in all areas of insurance.
DIG intends to play a major role in the regional and Arab insurance industry.
The IFSCA, which is aiming to develop GIFT IFSC a global Re/insurance Hub with its principle based approach for product designing, pricing and filling, has currently 16 IFSC Insurance Offices (IIOs) and 25 IFSC Insurance Intermediary Offices (IIIOs), taking the total count of registered insurance entities to 41. All the 16 IIOs are also well-diversified between life, non-life, health and re-insurers.
K Rajaraman, chairman, IFSCA, had recently visited Qatar to promote GIFT-City as a global reinsurance hub.
In FY 24, 16 IIOs have recorded a premium of $149 million while 25 IFSC Insurance Intermediary Offices (IIIOs) have transacted a total premium of $276 million during he period.
Though, one of the outfits of French major AXA was the first one to receive a license to do business in the GIFT City, it never started its operations till now and is keen to exit Indian markets.