Speakers at the opening session of the 18th India Rendezvous in Mumbai yesterday highlighted the huge potential in the Indian insurance market, as it embarks on the journey of becoming a developed nation by 2047.
GIC Re chairman & managing director Ramaswamy Narayanan, in his special welcome address at 18th India Rendezvous yesterday morning, said that the global insurance and reinsurance landscape is currently navigating challenging times. “The spectre of climate change looms large, amplifying the risks we underwrite. Simultaneously, geopolitical tensions are disrupting the global economic order and creating uncertainty,” he said. The world was marked by volatility, uncertainty, complexity and ambiguity and this is impacting the global financial markets, including reinsurance.
Mr Narayanan in order to overcome the challenges ahead, called for cooperation among stakeholders in the industry. “By fostering a spirit of cooperation across the industry, we can create a future where all stakeholders prosper and the insurance sector continues to play a vital role in our nation’s progress,” he said
International Financial Services Centres Authority chairperson, K Rajaraman in his keynote address said that insurance for all will play a crucial role in the vision of the government of India to achieve a GDP of $30tr by 2047. Currently with insurance penetration at 3.7%, the IRDAI is actively pursuing initiatives to enhance insurance awareness and coverage nationwide to align with the goal of achieving ‘Insurance for All by 2047’ in India.
“There is a lot of value in the bottom of the pyramid and their contribution is expected to go up,” he said. GIFT City IFSC is emerging as a strategic platform to position India as a global financial powerhouse. GIFT City IFSC is rapidly becoming a preferred destination for global reinsurance business. With more than 14m Indians aboard, GIFT CITY IFSC enables insurers to offer customised insurance products to non-resident Indians.
Lloyd's chairman Bruce Carnegie-Brown in his international keynote address said that it is a good time to be in India, considering that there is no insurance market in the word that is growing as rapidly as the Indian market.
“India has reached this level of growth because of the regulatory support and the success of the past decade should underpin the market to grow into the next decade,” he said. He mentioned that insurance for all should not be only about life and health but must cover all insurance segments that impact businesses and livelihoods.
New India Assurance chairman-cum-managing director Girija Subramanian in her special address said that the nation must collectively envision a future where insurance is not just a safety net, but a cornerstone of India’s development into a full-fledged, global economic powerhouse.
“As the dynamic and transformative role of insurance in shaping a prosperous future for our nation develops our mission is clear – to build a comprehensive, inclusive and forward-thinking insurance ecosystem that safeguards lives, fosters enterprise, and drives economic growth across the country,” she said.
She called on the global insurance industry present at the Rendezvous to share innovative ideas and strategies to ensure that by 2047, every individual, family, and business is financially empowered through access to robust and reliable insurance coverage. “Let us not only redefine insurance as a financial instrument but reimagine it as a societal safety net that empowers individuals, protects livelihoods and fosters hope,” she said.