“The authorization to operate in India means we’ll be even closer to our clients and that we’ll also be able to leverage our technical knowledge and underwriting capacity in a market with high development potential,” stated Miguel Rosa, CEO of Mapfre Re
Mumbai/GIFT City:After Korean Re, Spanish reinsurance major Mapfre Re obtained on February 9, 2026, official approval from the International Financial Services Centres Authority (IFSCA) to open its newest branch office in the Gjarat based GIFT City, India’s sole financial services centre, a decisive step forward in its growth strategy for Asia.
“The authorization to operate in India means we’ll be even closer to our clients and that we’ll also be able to leverage our technical knowledge and underwriting capacity in a market with high development potential,” stated Miguel Rosa, CEO of Mapfre Re.
“Our strong financial position, underpinned by the solvency that’s become a hallmark of Mapfre Re, coupled with the backing of a global group like Mapfre, are key elements to sustainably support the growth of our clients’ business in this dynamic market.”
Having secured this authorization, Mapfre Re will continue with the pre-opening procedures with the different local administrations, in line with current local regulations, with the aim of commencing activity in the country in the coming weeks.
Javier Sánchez Cea, APAC regional manager at Mapfre Re, commented: “The opening of the branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024. It also dovetails perfectly with expanding our broader direct presence in key countries on the continent, like the Philippines, Japan, Malaysia, and Singapore. Together, they constitute one of the fundamental pillars for Mapfre Re’s growth in Asia in the coming years.
The opening of this new branch comes as the Indian insurance market enjoys a growth phase, driven by the country’s economic dynamism, a rise in demand for protection solutions, and an increasingly favorable regulatory environment. India has thus positioned itself as one of the most attractive insurance markets internationally.
The launch of the Gujarat branch represents a significant milestone in Mapfre Re’s strategic development in Asia: it will facilitate the company in strengthening its operational capacity and enable it to offer a more agile, specialized and personal service to its customers in the domestic market.
Mapfre Re’s relationship with the Indian insurance market dates back over a decade, during which time the reinsurer has progressively increased its commitment to the market, building a solid business portfolio and collaborating closely with the main insurance companies in the country.
Some of the world’s biggest reinsurers, including Lloyd’s of London, are seeking Indian regulatory approval to operate in a low-tax city set up in the prime minister’s home state to try to rival other international financial hubs.
The global companies, which also include South Korea’s Samsung Re and Kenya Re will join more than a dozen global reinsurers from Europe, the Middle East and Asia that are turning to the new city to gain access to India’s $129.78 billion insurance market, estimated by the industry to be the tenth largest in the world.
The two sources, who spoke on condition of anonymity because they were not authorised to speak to the press, said the companies were expected to seek approval this year.
Email queries sent to Samsung Re and Kenya Re were not answered. A Lloyd’s of London spokesperson declined to comment.
The city offers businesses favourable tax treatment, such as a 10-year tax holiday and exemption from capital gains.
The government has said it hopes it will rival Singapore and Dubai as an international financial centre.
India’s reinsurance market is currently dominated by Swiss Re and Munich Re, as well as private firms and the government-owned GIC Re that is widely expected to grow after the government introduced reforms to deepen India’s insurance penetration.
A few large reinsurers have received approvals over the last year to begin operating in GIFT City. These include Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance and Kazakh‑based Eurasia Insurance Company JSC, according to regulatory officials and company statements.
Saudi Re earlier this week opened its GIFT City branch, its second in Asia after Malaysia.
Korean Re has said its expansion reflected its commitment to India’s high growth insurance sector, while Hong Kong‑based Peak Re, which received a licence in March 2025, said it plans to offer life and non-life insurance.