Korean Re to Establish Indian Branch... Operations to Begin in April Next Year
Korean Reinsurance announced on November 14 that it will establish an Indian branch at the International Financial Services Centre (IFSC) located in GIFT City, Gujarat, in northwestern India.
On November 6, Korean Re received approval from the International Financial Services Centres Authority (IFSCA) to operate a reinsurance branch.
The Indian insurance market ranks as the tenth largest in the world and, alongside the rapid growth of other financial sectors, is considered one of the emerging markets expected to see significant growth in insurance. Korean Re decided to establish a local branch to conduct business in India more effectively.
GIFT City in Gujarat, where the Korean Re Indian branch will be located, has been designated by the Indian government as a special economic zone for overseas financial transactions, offering regulatory easing and tax benefits to attract global investors.
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Korean Re plans to proceed with the establishment of the branch with the goal of commencing operations in April next year. Won Jongkyu, CEO of Korean Re, stated, "We expect that establishing the Indian branch will enable us to keep pace with the development of emerging markets in a timely manner."
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