Doha Insurance Group has received initial approval from the Qatar Central Bank (QCB) to establish an International Insurance Office (IIO) in Gujarat International Finance Tec-City (GIFT City), India. This branch will focus on reinsurance activities. The company is now completing the necessary procedures and obtaining the required regulatory approvals from QCB and Indian authorities.
GIFT City, located in Gujarat, India, is a planned smart city developed to serve as a global financial hub. It houses the International Financial Services Centre (IFSC), which caters specifically to financial services, attracting both domestic and international players. The International Financial Services Centres Authority (IFSCA), established in 2020, serves as the unified regulator for these entities. The introduction of the IFSCA (Registration of Insurance Business) Regulations in 2021 has provided a clear path for insurers and reinsurers to set up operations within the city.
In April 2024, Allianz Partners became the first foreign reinsurer to launch operations in GIFT City, marking a significant milestone in the city’s development as a reinsurance hub.
