Doha Insurance Group, a leading Qatari insurer, has received initial approval from the Qatar Central Bank (QCB) to establish a branch in India.
Doha Insurance Group announced that it has received approval from the Qatar Central Bank to open a branch under the international insurance office category in Gujarat International Financial Tec-City (GIFT City), India.
This is part of a broader strategy by Doha Insurance to expand its footprint and presence in the South Asian market, which offers considerable potential for growth, especially in the insurance sector.
The branch will engage in reinsurance activities, the Group said in a statement published on the Qatar Stock Exchange (QSE) website.
India, with a large and growing population, presents a significant market for the insurance sector. The country has a rapidly expanding middle class and increasing demand for life and non-life insurance products.
The approval from the QCB marks a significant step in Doha Insurance’s regional expansion and aligns with Qatar’s broader strategy to diversify its investments and trade relationships in the global market.
Doha Insurance’s entry into the Indian market is expected to increase competition in the Indian insurance market, which is already witnessing the entry of various global players. This move could also strengthen Qatar-India economic ties, particularly in sectors like finance, investments, and trade.
Doha Insurance is currently working on completing the necessary procedures and obtaining the required regulatory approvals for this new project from QCB and the other regulatory and supervisory authorities in the Republic of India, the statement read.
