Insurance Brokers Association Of India Launches Its GIFT City Chapter At IFSC

Insurance Brokers Association of India (IBAI) announces the launch of its chapter at IFSC, GIFT City. This chapter stands as a testament to IBAI’s resolve to support the growth of insurance broking not only within India but also in international markets through GIFT City’s unique platform. With insurance brokers contributing nearly 40% to the general insurance business and aspiring to expand their presence in life insurance, IBAI’s presence at IFSC will help amplify its impact on the industry’s next phase of growth.

With the IBAI set to enter its Silver Jubilee year in July 2025, this chapter at GIFT City reinforces the Association’s future-forward agenda—to foster transparent, ethical, and collaborative engagement with IFSCA, catalyze global insurance opportunities, nurture talent, and uphold the highest standards of governance and professionalism within the insurance broking industry.

Additionally, IBAI plans to launch state-wise or city-wise chapters soon to foster greater dialogue and engagement with all stakeholders.

Expressing his sentiments at the launch, Mr. Narendra Bharindwal, President, IBAI said, “The launch of the IBAI Chapter at IFSC, GIFT City marks a pivotal step in integrating insurance broking services within India’s premier international financial hub. As India advances toward its $5 trillion economic vision and beyond, GIFT City stands as a beacon of our nation’s global aspirations. The launch of IBAI’s chapter at IFSC marks a significant milestone in this journey, reinforcing our commitment to building a world-class insurance ecosystem. We are poised to drive innovation, global integration, and ethical growth, ensuring that insurance broking becomes a key pillar in GIFT City’s success story. As key enablers of the insurance value chain, brokers will play a pivotal role in fostering global best practices, nurturing talent, and driving transparent, ethical, and sustainable growth in this evolving financial ecosystem.”

Mr. K. Rajaraman, IAS, Chairman, IFSCA said, “We must focus on the development of new insurance products tailored to emerging needs. There is a huge retail opportunity in targeting the 32 million NRIs and the Indian diaspora. I urge the Insurance Brokers Association of India (IBAI) and the General Insurance Council to collaborate actively for product development and market growth. IBAI should also partner with the Indian Banks’ Association within GIFT City to explore innovative financial solutions. Additionally, we must leverage AI and advanced technology solutions to drive efficiency and innovation, while simultaneously working to build strong reinsurance capacity to support the sector’s expansion.”

Mr. Nirmal Bazaz, Secretary, IBAI said, “The inauguration of the IBAI Chapter at GIFT City marks a strategic milestone in our journey to align with global standards, foster innovation, and contribute to the development of a robust international insurance ecosystem. IBAI has always stood as a proactive and responsible voice for insurance brokers across the country. With the establishment of our Chapter here, we aim to work in closer collaboration with IFSC to promote capacity-building, policy inputs, global integration, and knowledge exchange that strengthens the position of GIFT City as a preferred destination for international insurance services. We look forward to working together in a spirit of partnership, professionalism, and shared purpose.”

Mrs. Alamelu, Principal Advisor, IFSCA said, “There is immense growth potential for international insurance business — both inward and outward — for entities operating from the IFSC, including Direct Insurance Brokers. We are committed to providing a highly supportive and enabling ecosystem that facilitates seamless registration and efficient operations for all participants in the IFSC.”