Global reinsurers move to establish presence in India's GIFT city [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
Other companies aiming to set up in the city include South Korea's Samsung Re, Africa's Kenya Re and Spain's Mapfre Re, noted the news agency, citing unnamed sources. These companies would join more than a dozen reinsurers from various regions that have already established a foothold in GIFT City. The sources indicated that applications for approval are expected this year. GIFT City offers businesses incentives such as a decade-long tax holiday and capital gain exemptions. The Indian Government has outlined ambitions for the district to become competitive with other global financial centres like Singapore and Dubai. The Indian reinsurance sector is primarily led by Swiss Re, Munich Re, private players and state-run GIC Re, with expectations for growth following regulatory changes aimed at increasing insurance coverage across the country, highlighted the report. In December, the Indian Parliament approved legislation that increased the foreign direct investment limit in th
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