IFSCA Eyes New Framework to Boost Reinsurance at GIFT City; Captive Players Keen

• IFSCA is developing a regulatory framework to allow captive and specialized reinsurers to operate from GIFT City.
• This move aims to broaden reinsurance participation beyond traditional global reinsurers in India's expanding insurance market.
• Captive reinsurers, set up by large groups to underwrite their own risks, and niche players focusing on cyber, climate, or marine risks are in focus.
• The shift is driven by India's rising insurance penetration and the need for diversified, deeper reinsurance capacity.
• The initiative seeks to reduce reliance on overseas reinsurance hubs and strengthen GIFT City as a domestic hub.