Madrid-headquartered global reinsurer Mapfre Re has obtained official approval from the International Financial Services Centres Authority (IFSCA) of India to open a branch office in GIFT City in Gujarat, a decisive step forward in its growth strategy for Asia.
In a statement, Mapfre Re said, “The opening of this new branch comes as the Indian insurance market enjoys a growth phase, driven by the country’s economic dynamism, a rise in demand for protection solutions, and an increasingly favourable regulatory environment. India has thus positioned itself as one of the most attractive insurance markets internationally.”
The launch of the Gujarat branch represents a significant milestone in Mapfre Re’s strategic development in Asia, as it will facilitate the company in strengthening its operational capacity and enable it to offer a more agile, specialised, and personalised service to its customers in the domestic market.
Mapfre Re’s relationship with the Indian insurance market dates back over a decade, during which time the reinsurer has progressively increased its commitment to the market, building a solid business portfolio and collaborating closely with the main insurance companies in the country.
“The authorisation to operate in India means we’ll be even closer to our clients and that we’ll also be able to leverage our technical knowledge and underwriting capacity in a market with high development potential,” stated Miguel Rosa, CEO of Mapfre Re. “Our strong financial position, underpinned by the solvency that’s become a hallmark of Mapfre Re, coupled with the backing of a global group like Mapfre, is a key element to sustainably support the growth of our clients’ business in this dynamic market.”
Mr Javier Sánchez Cea, APAC regional manager at Mapfre Re, said, “The opening of the branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024. It also dovetails perfectly with expanding our broader direct presence in key countries on the continent, like the Philippines, Japan, Malaysia, and Singapore. Together, they constitute one of the fundamental pillars for Mapfre Re’s growth in Asia in the coming years.”
With this authorisation, Mapfre Re will continue the pre-opening procedures with the relevant local administrations, in line with current local regulations, and aim to start operations in the country in the coming weeks.