ICICI Lombard General Insurance on Friday received approval from ‘International Financial Services Centre’ (IFSC) Authority to set up an IFSC Insurance Office (IIO) in GIFT City at Gandhinagar in Gujarat.
Bhargav Dasgupta, MD & CEO ICICI Lombard said, “We are excited to set up an IFSC Insurance Office and being the first player in the private insurance sector to do so. This step will enable us to expand our distribution reach and offer our range of risk management solutions to Indian customers based across the world. We look forward to meeting their varied needs through our diverse product suite.”
ICICI Lombard in its regulatory filing highlighted that created with the vision to empower international business, IIO will enable ICICI Lombard to harness new opportunities in direct insurance and reinsurance areas. It will allow the company to offer offshore direct insurance solutions especially to Indian corporates and individuals present in an overseas location.
Among key advantages of setting up an IIO in GIFT City for ICICI Lombard is the opportunity to expand its international business to service our clients located in foreign locations. It will be able to transact business by offering customized products through direct engagement and foreign intermediaries to Indian Corporates and individuals at SEZs/IFSC and in foreign locations.
Tapan Ray, MD & Group CEO, GIFT City said. “IFSC at GIFT City is fast emerging as a hub for the global financial services business. While Banking and Capital Markets verticals have been doing extremely well, the insurance and reinsurance business in IFSC is also gaining momentum, with ICICI Lombard making a beginning by becoming the first private insurer to obtain a license in GIFT IFSC for direct insurance and reinsurance business. We invite other insurance companies to take advantage of the benefits available at IFSC for their offshore insurance business."
In the direct insurance business, the company can transact within the GIFT City, from other SEZs and outside India. In the reinsurance business, IIO can accept business within the GIFT City and from outside the country. Also, it will enable transactions from insurers operating in the Domestic Tariff Area (DTA), following the IFSCA regulations on reinsurance, in the reinsurance business segment, as per the filing.
ICICI Lombard stock ended at Rs1465.90 per piece flat compared to the previous closing on Sensex.