Financial Services Secretary M Nagaraju on Monday highlighted the role of IFSCA in advancing India’s aspiration to becoming a global reinsurance hub and encouraged Indian insurers and reinsurers to tap global opportunities through GIFT City.
India stands at the cusp of transformative growth in its reinsurance sector, Nagaraju said speaking at the IFSCIRDAIGIFT City Global Reinsurance Summit in Mumbai, according to a finance ministry statement.
Insurance and reinsurance were emphasised as crucial in driving India towards its economic objectives, particularly as the country strengthens its role in the global economy, he said.
As per a Swiss Re report, India remained the 10th largest insurance market globally by nominal premium volumes in 2024, with a market share of 1.8 per cent.
Insurance penetration stood at 3.7 per cent, with life insurance at 2.7 per cent and non-life at 1 per cent, while insurance density increased marginally to USD 97, indicating significant untapped market …​Financial Services Secretary M Nagaraju on Monday highlighted the role of IFSCA in advancing India’s aspiration to becoming a global reinsurance hub and encouraged Indian insurers and reinsurers to tap global opportunities through GIFT City.
India stands at the cusp of transformative growth in its reinsurance sector, Nagaraju said speaking at the IFSCIRDAIGIFT City Global Reinsurance Summit in Mumbai, according to a finance ministry statement.
Insurance and reinsurance were emphasised as crucial in driving India towards its economic objectives, particularly as the country strengthens its role in the global economy, he said.
As per a Swiss Re report, India remained the 10th largest insurance market globally by nominal premium volumes in 2024, with a market share of 1.8 per cent.
Insurance penetration stood at 3.7 per cent, with life insurance at 2.7 per cent and non-life at 1 per cent, while insurance density increased marginally to USD 97, indicating significant untapped market … ​Latest News [ SOBAN NEWS: International and National ]
