India's Ascent: Becoming a Global Reinsurance Hub

Financial Services Secretary M. Nagaraju emphasized the role of IFSCA in India's reinsurance ambitions at the Global Reinsurance Summit, held in GIFT City. Highlighting India as the world's 10th largest insurance market, regulations and investments are paving the way for growth, aiming for 'Insurance for All by 2047'.

Financial Services Secretary M. Nagaraju has underscored the pivotal role of the International Financial Services Centres Authority (IFSCA) in propelling India's goal to become a global reinsurance hub. Speaking at the Global Reinsurance Summit, he urged Indian insurers and reinsurers to leverage opportunities within GIFT City.

India is on the brink of significant growth in the reinsurance sector, as highlighted by Nagaraju at the event in Mumbai, reinforced by a statement from the finance ministry. Insurance and reinsurance are integral to India's economic aims, particularly as the nation strengthens its global economic footprint.

The sector issued 41.84 crore policies and amassed Rs 11.93 lakh crore in premiums in FY 2024–25. Policy frameworks and reforms, including 100% foreign direct investment, are enabling growth. The recent Sabka Bima Sabki Raksha Act, alongside IFSCA, aligns with international standards and aims for comprehensive insurance coverage by 2047.

(With inputs from agencies.)