The key advantages of setting up an IIO in GIFT City for ICICI Lombard is the opportunity to expand its international business
ICICI Lombard General Insurance, private sector non-life insurance company has received approval from ‘International Financial Services Centre’ (IFSC) Authority to set up an IFSC Insurance Office (IIO) in GIFT City at Gandhinagar in Gujarat.
According to a statement by ICICI Lombard General Insurance, IIO will enable ICICI Lombard to harness new opportunities in direct insurance and reinsurance areas and it will allow the company to offer offshore direct insurance solutions especially to Indian corporates and individuals present in an overseas location. “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 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,” the release said.
Commenting on this occasion, Bhargav Dasgupta, MD and CEO ICICI Lombard said, “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.”
Tapan Ray, MD and Group CEO, GIFT City said. “IFSC at GIFT City is fast emerging as a hub for a 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.”
According to the statement, in the direct insurance business, the company can transact within the GIFT City, from other SEZs and outside India.