Market Growth
GIFT IFSC Registrations Rise to 1,213 in Q4 FY2025-26 as Insurance Sector Surges
During Q4 FY2025–26, the bulletin reported continued expansion in the ecosystem, with total registrations and authorisations issued by IFSCA rising to 1,213 as of March 2026, compared with 1,114 in December 2025. The insurance sector recorded significant growth, with the number of IFSC Insurance Offices (IIOs) increasing to 36 from 24 in the previous quarter, while Insurance Intermediary Offices (IIIOs) also grew from 31 to 34, with direct insurance gross written premium rising to $15.38 million from $9.25 million.
| Total IFSC Registrations (March 2026) | 1,213 entities |
|---|---|
| Quarterly Growth | +99 registrations from December 2025 |
| IFSC Insurance Offices (IIOs) | 36 (up from 24 in Q3) |
| Insurance Intermediary Offices (IIIOs) | 34 (up from 31 in Q3) |
| Direct Insurance Premium (Q4) | $15.38 million (up 66% from $9.25M) |
| Reinsurance Premium (Q4) | $186.93 million (up from $148.13M) |
| Full-Year FY2025-26 Insurance Premium | $648.68 million (4x from $162.10M in FY2024-25) |
Registration Milestone Reached
Total registrations and authorisations issued by IFSCA rose to 1,213 as of March 2026, compared with 1,114 in December 2025, representing a gain of 99 entities in a single quarter. IFSCA said the growth reflects increasing participation, deeper market activity, and GIFT IFSC's expanding role as a global financial and insurance hub supporting India's long-term development goals.
Insurance Sector Leads Growth
The number of IFSC Insurance Offices (IIOs) increasing to 36 from 24 in the previous quarter. Insurance Intermediary Offices (IIIOs) also grew from 31 to 34. Insurance Offices (IIOs), insurance entities licensed to underwrite or service international insurance, increased to 36 in March 2026, up from 24 in December 2025.
Premium Income Surges
Direct insurance gross written premium rising to $15.38 million from $9.25 million, while reinsurance gross written premium increased to $186.93 million from $148.13 million during the quarter. Gross premiums underwritten by IFSC Insurance Offices (IIOs) operating in GIFT City quadrupled to $648.68 million in 2025-26 (FY26) from $162.10 million in the previous financial year, driven primarily by strong growth in the reinsurance business.
Regulatory Context
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India. The Q4 bulletin is the latest quarterly assessment released by the regulator, covering the period ending 31 March 2026.
What This Means
The expansion signals strengthening infrastructure and regulatory confidence in GIFT IFSC as a reinsurance and insurance hub. IFSCA said these trends reflect sustained traction across insurance and reinsurance activity within GIFT IFSC, supported by continued onboarding of participants and rising business volumes, pointing to deepening market depth. The fourfold annual increase in insurance premiums, combined with a doubling of insurance office registrations, demonstrates accelerating adoption by global players.
Frequently asked questions
What is GIFT IFSC and why does this growth matter?
The establishment of the International Financial Services Centre (IFSC) within Gujarat International Finance Tec-City represents a landmark reform aimed at creating an international financial jurisdiction within India capable of supporting the full range of cross-border financial services. Positioned as a hub for global financial and technology services, GIFT IFSC provides a specialised ecosystem for conducting international financial transactions from within India.
How many registrations have been added over the last year?
As of 31 March 2026, total IFSC registrations reached 1,213. The Q4 gain of 99 entities demonstrates consistent momentum, with total registrations and authorisations granted rose to 1,213 as of March 2026, compared with 1,114 in December 2025.
Which sectors are driving the growth?
Insurance and reinsurance are the primary engines. The gross premiums underwritten by reinsurers rose to $607.96 million in FY26 from $147.13 million a year earlier. Premiums underwritten by direct insurers increased to $40.72 million from $14.96 million during the period.
What regulator oversees GIFT IFSC?
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India. At present, the GIFT IFSC is the maiden international financial services centre in India.
What are the tax incentives for entities in GIFT IFSC?
IFSC units benefit from a 100% tax exemption for 10 consecutive years within a 15-year window under Section 80LA of the Income Tax Act. This provides a clear and efficient structure for deploying capital.
Sources
- GIFT IFSC continues rapid growth as registrations and re/insurance activity rise
- GIFT City Property News & Updates | GiftCityRealty
- International Financial Services Centres Authority
- GIFT City is attracting global reinsurance capital at scale
- GIFT City's insurance premiums quadruple to $648.7 million in FY26