Korean Re Establishes India Branch... Local Operations to Begin in April

Korean Reinsurance announced on January 22 that it has established an India branch in GIFT City (Gujarat International Finance Tec-City), an international financial and economic zone in Gujarat, India, and held an opening ceremony locally on the 20th.

The opening ceremony was attended by more than 150 people, including Yoo Dongwan, Consul General of the Republic of Korea in Mumbai, local Indian financial authorities, and key figures in the insurance industry, who celebrated the launch of the Korean Re India Branch together.

Korean Re new employees (from left), Han Jihan, Head of Korean Re India Branch, Won Jonggyu, President of Korean Re, Shailendra Safra, CEO of Aon India Reinsurance Solutions, Nimpia Batra, CEO of Guy Carpenter India, and Yoo Dongwan, Consul General in Mumbai, are posing for a commemorative photo at the Korean Re India Branch Opening Ceremony held on the 20th at JW Marriott Hotel in Mumbai, India. Korean Re

At the ceremony, Won Jonggyu, President of Korean Re, stated, "India is a core market with high growth potential," and added, "Korean Re will continue to expand overseas reinsurance and strengthen its global competitiveness as a trusted partner growing alongside the Indian insurance market."

The Indian insurance market is currently ranked among the top 10 in the world. It is attracting attention as a leading emerging insurance market expected to see high growth in the mid- to long-term, amid rapid economic growth and expansion across the financial industry.

Korean Re has been working to establish the India branch to proactively respond to the growth potential of the Indian market and to build a more effective local business base. After receiving approval to operate a reinsurance branch from the International Financial Services Centres Authority (IFSCA) of India on November 6 last year, Korean Re plans to officially begin operations in April this year.

GIFT City in Gujarat, where the Korean Re India Branch is located, is an international financial zone designated by the Indian government. The area is being developed as a global financial hub, offering various institutional supports such as regulatory relaxation and tax incentives to attract foreign financial institutions.

With the establishment of the India branch, Korean Re now has a total of 12 overseas business bases, including four local subsidiaries, five branches, and three representative offices. Based on this network, the company plans to further strengthen its position in the global reinsurance market.