Mapfre Re Gets IFSCA Approval for GIFT City Branch

Prime Highlights

Mapfre Re has received regulatory approval to establish a branch in GIFT City, strengthening its expansion strategy across Asia.
The move will enable the reinsurer to work more closely with Indian insurers and deliver faster, tailored underwriting solutions.

Key Facts

The authorisation was granted by the International Financial Services Centres Authority, allowing direct operations in India’s insurance market.
Mapfre Re has operated in India for over a decade through partnerships and expects to begin business from the new branch in the coming weeks.

Background

Madrid-based global reinsurer Mapfre Re has secured regulatory approval to open a branch office in GIFT City, Gujarat, marking a major step in its Asia growth plan. The authorisation from the International Financial Services Centres Authority allows the company to expand its direct presence in India’s fast-growing insurance sector.

The reinsurer said the new branch will help it work more closely with Indian insurers and deliver quicker, tailored solutions. The company sees India as one of the most attractive insurance markets in the world because the economy is growing fast, more people want protection products, and supportive regulations.

Mapfre Re has operated in the Indian market for over a decade through partnerships with local insurers. The GIFT City office will strengthen its underwriting capacity and improve service delivery in the domestic market.

Chief executive Miguel Rosa said the licence will bring the company closer to clients and allow it to deploy its technical expertise in a market with strong long-term potential. He added that the group’s financial strength will support sustainable growth for Indian insurers.

APAC regional manager Javier Sánchez Cea said the India branch complements the company’s China office opened in 2024 and supports its wider expansion across Asia, including the Philippines, Japan, Malaysia, and Singapore.

Mapfre Re will now complete pre-operational formalities with local authorities and expects to start business in the coming weeks. The move positions the reinsurer to tap rising demand for risk protection and deepen its footprint in one of the world’s fastest-growing insurance markets.