JG Won, President & CEO, Korean Re, announcing the launch of company’s operations in India’s GIFT City in Mumbai on Tuesday
“We will officially commence operations in GIFT City from April 2026. India is a high growth and long term market for us. We will do all kinds of business from India.Currently, we are writing $20 million Indian business as a cross boarder reinsurer(CBR) from Singapore,” JG Won, President & CEO, Korean Re told Asia Insurance Post
Mumbai: Korean Reinsurance Company (Korean Re), the seventh largest global reinsurer, in an inaugural event in Mumbai, launched its operations on Tuesday in Gujarat International Finance Tech-City (GIFT City), India sole International Financial Services Centre.
Korean Re, the second largest Asian reinsurer after China Re, obtained authorisation on November 6 from the International Financial Services Centres Authority (IFSCA),a unified regulator for IFSCs, to operate as an IFSC Insurance Office (IIO) in the GIFT City, marking a significant milestone in its overseas expansion efforts.
Currently, the reinsurer is writing USD20 million Indian business as a cross boarder reinsurer(CBR) from Singapore, JG Won, President & CEO, Korea Re told Asia Insurance Post .
“We will officially commence operations in GIFT City from April 2026. India is a high growth and long term market for us. We will do all kinds of business from India ,” said Won.
“We have a great confidence in India’s future, and we are firmly committed to being a long-term partner in that journey of growth. Today’s launching event marks not only a new beginning, but also an important milestone that further deepens the corporate relationship we have built over many years,” stated Won.
Looking ahead, Korean Re will focus on strengthening our engagement with the local market and expanding collaboration with its Indian partners. By sharing our experience and expertise in risk management, Korean Re aspires to be a trusted partner that contributes meaningfully to the continued development of India’s insurance landscape,commented Won.
“By working alongside the Indian insurance industry, we look forward to building a broader and brighter future founded on mutual trust, cooperation, and shared success. I sincerely look forward building a strong and enduring partnership between Korea-India,” he added.
“We expect our new branch in India to enhance our ability to respond to the dynamic growth of emerging markets,” said Won who has spearheaded the company’s global expansion strategy.
“India is a high growth and very competitive market and our strategies will be to balance it. Our strategy is to stay lean, disciplined, and be a reliable partner. At the same time, we aim to operate efficiently and bring real value to the Indian market.We will grow our business steadily rather than with speed,”said Jihan Han, principal officer of Korea Re’s GIFT City Branch.
“So, now we are fully engaged in our operational setup. We plan to get off a good start with the April renewals,smoothly transitioning the India portfolio from our Singapore branch. By Apr 2027, we will have a full fledged opeartions from the GIFT City. For the first two years, the focus will be on P&C business. We will have a team of underwriters based in GIFT City to do our Indian business ,” said Jihan Han, principal officer of Korea Re’s GIFT City Branch.
Globally,Korean Re, the second largest Asian reinsurer, has 12 offices in 10 countries.
As the world’s 10th-largest insurance market, India is one of the fastest-growing emerging markets, supported by rapid development across its broader financial sector, said Korean Re.
As part of the Indian government’s initiative to attract global investment, GIFT City has been designated as a special economic zone for international financial transactions, with regulatory advantages and tax incentives designed to make it an attractive destination for global financial institutions.
Almost 13 global reinsurers have laready been licensed to operate in GIFT-City and another 10 major reinsurers including Lloyd’s will receive their licenses soon.
Almost 20 per cent world’s top 50 global operations are setting up their operations in the GIFT City.