ICICI Lombard General Insurance, India’s leading private sector non-life insurance company, has received approval from the International Financial Services Centre (IFSC) Authority to set up an IFSC insurance office (IIO) in GIFT City at Gandhinagar in Gujarat.
The 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 overseas location, reported The Economic Times.One of the key advantages of setting up an IIO in GIFT City for ICICI Lombard is the opportunity to expand its international business to service clients located in foreign locations. It will be able to transact business by offering customised products through direct engagement and foreign intermediaries to Indian Corporates and individuals at SEZs/IFSC and in foreign locations.In 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. In addition, it will also enable transactions from insurers operating in the Domestic Tariff Area (DTA), in accordance with the IFSCA regulations on reinsurance.