Gandhinagar: The ICICI Lombard General Insurance, India’s leading private sector non-life insurance company, has become the first player in this sector to set up IFSC Insurance Office (IIO) at GIFT City, Gujarat.
The new unit will help conduct direct insurance and reinsurance business within IFSC, Special Economic Zone (SEZs), and outside the country.
It received approval from International Financial Services Centre (IFSC) Authority to set up an IFSC IIO in GIFT City, the company said on Friday.
Created with the vision to empower international business, IIO will enable ICICI Lombard to harness new opportunities in direct insurance and reinsurance areas. It will allow the company to offer offshore direct insurance solutions especially to Indian corporates and individuals present overseas.
One of the key advantages of setting up an IIO in GIFT City for ICICI Lombard is the opportunity to expand its international business to service clients located in foreign countries. It will be able to transact business by offering customized products through direct engagement and foreign intermediaries to Indian corporates and individuals at SEZs/IFSC and overseas, said Bhargav Dasgupta, Managing Director, and CEO, ICICI Lombard.
This step will enable the company to expand its distribution reach and offer a range of risk management solutions to Indian customers based across the world, he said.
Tapan Ray, MD and Group CEO, GIFT City, said that the IFSC is fast emerging as a hub for the global financial services business. While banking and capital markets verticals have been doing extremely well, the insurance and reinsurance business in IFSC is also gaining momentum, with ICICI Lombard making a beginning by becoming the first private insurer to obtain the license.
(VP)
