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India’s first global insurance summit for investments being planned

Later this year, India is planning to host its first state-sponsored global insurance summit. The summit intends to turn the global spotlight on Indian insurers and highlight the challenges of industry and attract business investments. This comes in the backdrop of India’s insurance regulator recently launching ‘Insurance for all by 2047’ mission and revealing many measures to increase growth in the sector. By 2027, the Indian insurance market is expected to touch US $ 200 billion. The Indian insurance market is emerging as a bright spot in midst of the developed world facing headwinds on economic front.

This conference is slated to be the world’s biggest, by bringing together global heads and top executives from large insurers, reinsurers, broking agencies, actuarial organizations and policymakers on single platform. This event is likely to leverage India’s G-20 presidency and may be planned around September, however, official confirmation is still awaited. This will be an excellent opportunity for India’s insurance sector to seek investments in rapidly growing market with huge potential to increase insurance penetration. During FY21, India’s insurance penetration was 4.2%, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%.

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