• Santam secures license to open reinsurance branch in India’s GIFT City
• Becomes first BRICS-based insurer to establish reinsurance presence there
• Move targets India’s fast-growing insurance market, among the world’s top 10

South African insurance group Santam announced on last week it has obtained approval to open a reinsurance branch in India at Gujarat International Finance Tec-City, known as GIFT City. The entity will operate as a Category 2 International Insurance Office (IIO), regulated by the International Financial Services Centres Authority (IFSCA).

The license was granted in January 2026 by the relevant Indian authorities and the IFSCA. It allows Santam to offer reinsurance programs from GIFT City to the Indian market, among others.

A presence in a global financial hub

GIFT City was established by the Indian government as an international financial services center. It operates under a specific tax regime, including income tax exemptions for up to ten years, and a regulatory framework distinct from the rest of India. The aim is to position it as a global financial platform competing with hubs such as Singapore and Dubai.

Several international reinsurers received authorization in 2025 to operate in GIFT City, including Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance and Eurasia Insurance Company JSC. Santam becomes the first insurer based in a BRICS country to establish a reinsurance presence there. The South African non-life insurer is seeking to tap into India’s insurance market, which ranks among the top ten globally by premium volume.

As part of its expansion in India, Santam will be supported by Santam Re, the group’s treaty-focused non-life reinsurer, which already operates in Africa, Asia and Europe. It will provide capacity across segments such as property, engineering, marine and liability. Santam Specialist Solutions will handle facultative reinsurance, offering tailored risk placement solutions for complex and niche business lines.

“This step aligns with the Santam Group’s strategic objective to drive international expansion and broaden its international treaty and facultative reinsurance footprint. The GIFT City is well connected to both local and international markets, and we intend to leverage our position to sustainably grow our book both within India and beyond,” said Kush Padia, acting chief executive of Santam Re.

Tavaziva Madzinga, chief executive of Santam, said the GIFT City license enhances the group’s global visibility. “The Santam Group brings to the Indian market over a century worth of expertise, capability and approach to insurance,” he added.

The move comes as South Africa maintains the highest insurance penetration rate on the continent, at 11.54% in 2024, according to the 2025 annual report of the African Insurance Organization.

Chamberline Moko