Insights from the 18th India Rendezvous: Reinsurance’s Role in a Developing India
Our Business Development Director, Mark Phipps, and Revenue Operations Manager, Henry Stevens, recently attended the 18th India Rendezvous, where industry leaders gathered to discuss the future of reinsurance in India. The event highlighted key themes that will shape the market, particularly as the country works toward its goal of becoming a developed nation by 2047.
One major focus was government backing to expand insurance penetration, which remains low in parts of India—at times below 1 in 6. Increasing these levels is vital, not just for economic stability but also for ensuring businesses and individuals have the necessary protection. Network providers play a crucial role here, ensuring accessibility to insurance across diverse populations.
Technology and AI also took centre stage, particularly in underwriting. AI is becoming instrumental in assessing risks, promoting best practices, and driving uniformity in operations. The consensus was clear: insurers, MGAs, and reinsurers must view investment in advanced tools and technology as a prerequisite for doing business.
Education remains a cornerstone of reinsurance, particularly in helping clients understand the importance of adequate and accurate coverage. The industry is increasingly turning to scientific data to demonstrate how inadequate cover can be catastrophic for businesses, reinforcing the need for proactive risk management.
As India progresses toward its ambitious 2047 goal, the role of reinsurers will be more important than ever. With the right blend of policy support, technological innovation, and market education, the sector is poised to drive meaningful change in the years ahead.
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