Korean Reinsurance Company (Korean Re) announced on November 14 that it has received regulatory approval to establish a new branch in Gujarat International Finance Tech-City (GIFT City), India’s first operational smart city and International Financial Services Centre (IFSC). The company plans to officially commence operations in April 2026.

Korean Re obtained authorization on November 6 from the International Financial Services Centres Authority (IFSCA) to operate as an IFSC Insurance Office (IIO), marking a significant milestone in its overseas expansion efforts.

As the world’s 10th-largest insurance market, India is one of the fastest-growing emerging markets, supported by rapid development across its broader financial sector. Korean Re’s decision to establish a local presence in India underscores its commitment to serving the high-growth market effectively.

As part of the Indian government’s initiative to attract global investment, GIFT City has been designated as a special economic zone for international financial transactions, with regulatory advantages and tax incentives designed to make it an attractive destination for global financial institutions.

“We expect our new branch in India to enhance our ability to respond to the dynamic growth of emerging markets,” said Jonggyu Won, President and CEO of Korean Re, who has spearheaded the company’s global expansion strategy.