Korean Reinsurance Company said on the 22nd that it established an India branch in Gift City (Gujarat International Finance Tec-City), an international financial and economic zone in Gujarat state, India.
About 150 people attended the opening ceremony held on the 20th, including Yu Dong-wan, consul general of Korea in Mumbai, India, officials from India's financial authorities, and key figures in the insurance industry.
India's insurance market is currently assessed as being around the world's top 10 in size, and it is drawing attention as a leading emerging insurance market expected to see strong medium- to long-term growth amid rapid economic expansion and broader growth across the financial industry.
Korean Reinsurance Company has pushed to set up an India branch to proactively respond to the growth potential of the Indian market and to build a more effective local sales base. After receiving approval to operate a reinsurance branch from the International Financial Services Centres Authority (IFSCA) on Nov. 6 last year, Korean Reinsurance Company plans to begin full-fledged operations in April this year.
Gift City in Gujarat state, where the Korean Reinsurance Company India branch is located, is an international financial zone designated by the Indian government that provides various institutional support measures such as deregulation and tax incentives to attract foreign financial institutions, and is being developed as a global financial hub. With the establishment of the India branch, Korean Reinsurance Company has secured a total of 12 overseas business bases, including four local subsidiaries, five branches, and three representative offices.