EarthRe Becomes First Incorporated Reinsurer at GIFT City IFSC
EarthRe Insurance IFSC Limited has received IFSCA approval for its reinsurance licence — the first incorporated reinsurer from the International Financial Services Centre at GIFT City.
InRisk Labs' subsidiary, EarthRe Insurance IFSC Limited, has received approval from the International Financial Services Centres Authority (IFSCA) for its reinsurance licence. This makes EarthRe the first incorporated reinsurer from the International Financial Services Centre at GIFT City and represents an important milestone in the development of India's domestic reinsurance ecosystem.
The approval marks InRisk Labs' evolution from a technology-led insurtech platform into an integrated reinsurance group with licensed risk-bearing capacity. While InRisk Labs builds the group's technology, data and risk-intelligence infrastructure, EarthRe deploys that capability through a regulated reinsurance balance sheet focused on India and the broader Global South.
EarthRe is being built as a technology-first non-life reinsurer with deep capabilities across natural catastrophe (NAT CAT) and climate risk, as well as property, crop and other specialty lines. It combines domain-led underwriting with catastrophe modelling, climate-risk analytics and advanced structured reinsurance solutions. Its technology platform is designed to integrate disparate datasets — including climate, geospatial, satellite, exposure and claims data — to improve risk selection, pricing, portfolio construction and capital allocation.
Product innovation is central to EarthRe's strategy. Rather than relying solely on conventional treaty structures developed for more mature insurance markets, the company intends to design protection specifically for the risk characteristics of India and the Global South. Its solutions will span traditional treaty and facultative reinsurance, structured covers and parametric or index-based products, alongside emerging forms of protection that increasingly granular data and sophisticated risk models are making commercially viable across a wide range of non-life risks.
“India will be the most consequential insurance market over the next two decades and you cannot build that future on borrowed balance sheets,” said Malay Kumar Poddar, Chief Executive Officer, EarthRe. “Every major economy is underwritten by its own reinsurers; India, for all its scale, needs its own reinsurance capacity. IFSC at GIFT City has changed that by providing a world-class regulatory framework that lets us build homegrown reinsurance capacity, keep the underwriting judgment on Indian risk in India, and serve the Global South from here. EarthRe exists to carry that responsibility.”