Chaturbhuj Bansal will be based in GIFT City as MAPFRE Re expands its presence in one of Asia’s key growth markets

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MAPFRE Re has appointed Chaturbhuj Bansal as head of its India branch, subject to regulatory approval.

Bansal (pictured, right) will be based in GIFT City, India’s first operational International Financial Services Centre.

The Spanish reinsurance group said the appointment marks a significant step in the development of its Indian business and reinforces its commitment to growth in one of the world’s most dynamic reinsurance markets.

Bansal brings more than 16 years’ experience in the insurance and reinsurance industry, spanning underwriting and risk management.

He has a strong background across the Indian and Asia-Pacific markets.

MAPFRE Re said the appointment is also a milestone in its wider Asia-Pacific strategy, as the company looks to build a stronger local presence and increase proximity to clients and brokers in the region.

The move follows MAPFRE Re’s earlier approval from the International Financial Services Centres Authority of India to open a branch office in Gujarat.

That approval formed part of the reinsurer’s growth strategy for Asia and followed more than a decade of engagement with the Indian insurance market.

Over that period, MAPFRE Re has built a business portfolio in India and worked with major insurance companies in the country.

The Gujarat branch is intended to strengthen MAPFRE Re’s operational capacity and support a more agile, specialised and personal service for domestic clients.

MAPFRE Re said India’s insurance market is in a growth phase, supported by economic momentum, rising demand for protection solutions and a more favourable regulatory environment.

The company said the branch will support its ability to deliver tailored solutions in key growth markets.

The India expansion also complements MAPFRE Re’s existing regional footprint, including its China branch, opened in 2024, and its direct presence in markets including the Philippines, Japan, Malaysia and Singapore.

MAPFRE Re said the combination of these operations will form one of the pillars of its growth in Asia in the coming years.

With Bansal’s appointment, the reinsurer said it is continuing to expand its international footprint while strengthening its local market capabilities.

 

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