JG Won, CEO, Korea 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 ,” JG Won, President & CEO, Korean Re
Mumbai: Korean Reinsurance Company (Korean Re), the seventh largest global reinsurer, launched its operations in Gujarat International Finance Tech-City (GIFT City), India sole International Financial Services Centre.
Korean Re obtained authorization 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 $20 million Indian business as a cross boarder reinsurer 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 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 high growth and very competitive market and our strategies will be to balance it. By Apr 2027 we will have a full fledged opeartions from GIFT City. We will have a team of underwriters in GIFT City to do Indian business. We will grow our business steadily rather than with speed,” 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.