MAPFRE Re, which recently received regulatory approval to operate in GIFT City (Gujarat International Finance Tec-City), has confirmed the appointment of Chaturbhuj Bansal (pictured) as head of its India branch, subject to regulatory approval.
Bansal brings more than 16 years of insurance and reinsurance experience across underwriting and risk management, with a background spanning the Indian and Asia-Pacific markets. He will be based at GIFT City, India’s first operational International Financial Services Centre.
The appointment marks a key milestone in MAPFRE Re’s Asia-Pacific strategy, the company said, supporting its ambition to strengthen its local presence and enhance proximity to clients and brokers in the region.
India’s reinsurance market continues to expand, driven by growing insurance penetration, economic growth, and rising demand for risk-transfer solutions. Industry participants have increasingly identified India as one of the most attractive long-term growth markets for insurers and reinsurers.
The expansion of GIFT City has been supported by government efforts to position the financial center as a global insurance and reinsurance hub. Reuters reported earlier this year that more than a dozen international reinsurers were already operating from the zone, with additional entrants expected as authorities seek to strengthen GIFT City’s role as a competitor to established financial centers such as Singapore and Dubai.
MAPFRE Re’s India branch received official approval from the International Financial Services Centres Authority in February.
At the time, MAPFRE Re said the authorization would strengthen its proximity to clients and support its long-term growth ambitions in India, leveraging the company’s technical expertise, underwriting capacity, and financial strength.
Bansal will take charge at a time when GIFT City is emerging as a major regional insurance and reinsurance hub. Insurance and reinsurance premium volumes generated through the financial center exceeded $1.2 billion in 2025, up more than 11-fold from 2020, supported by a growing number of international insurers and reinsurers establishing operations in the zone. The number of International Financial Services Centre insurance offices has expanded to 24, reflecting rising global interest in the market.
Competition in the sector has also intensified. In March, Allianz Jio Reinsurance commenced operations in India after receiving regulatory approval, joining a growing list of global reinsurers seeking to expand their presence in the country. Several international players have established or pursued operations in GIFT City, attracted by the market’s growth prospects and regulatory framework.
