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India Insurance Market: A Bold Future

During January, I had the honor of leading a panel discussion at the Eleventh India Rendezvous in Mumbai and was joined by four senior-level executives from leading reinsurers and insurers.

My panelists included (pictured above, seated from left to right): G Satish Raju, Head of South Asia Global Partnerships for Swiss Re; Girija Subramanian, Deputy General Manager at India’s largest domestic reinsurer GIC Re; Amitava Gupta, Lead – Commercial Lines Claims at SBI General Insurance Company Ltd. and Rekha Gopalkrishnan, Deputy General Manager at The New India Assurance.

Across the whole conference, there was much talk about the growth potential in India, with reports stating that the insurance market could quadruple in ten years. But with the economy growing fast, insurance penetration remains a challenge — with a non-life insurance penetration rate hovering around one percent compared to a global average of six percent.

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