Kuwait Re lands in Gift City amid an influx of foreign ins. players

Kuwait-based reins. firm Kuwait Re kicked off operations at Gujarat International Finance Tec (Gift) City, as per a Gift City post on X. After over four decades of cross-border business between Kuwait and India, Kuwait’s move to establish an onshore presence marks a strategic step up to improve client engagement and responsiveness to Indian insurers.

Why it matters: Kuwait Re joins a growing list of global reinsurers setting up shop in Gift City, including firms like Adnic and Saudi Re. In February, India officially allowed complete foreign ownership in ins., removing the need for local joint-venture partners. In the recent budget, the finance ministry doubled the Gift City tax holiday from 10 to 20 years, creating a favorable policy environment for global reinsurers.

What’s next: The hub now hosts over a dozen reinsurers, attracted by regulatory ease and tax incentives under the International Financial Services Centers Authority framework. India’s ins. market — valued at over USD 129 bn — is expected to grow rapidly, supported by recent reforms that allows 100% foreign ownership.