The latest paper from the India UK-Financial Partnership (IUKFP) on the Development of the Reinsurance Industry in India was launched at an event today in Mumbai, India – the fifth paper in the series that supports increased collaboration between the financial sectors of India and the UK.
Providing recommendations on the development of an integrated onshore and offshore reinsurance industry in India, the paper also offers a comparative analysis with the UK’s ‘London Market’ - one of the leading and most international reinsurance centres in the world and the only one in which all of the world’s 20 largest reinsurance groups are represented.
Reinsurance has a fundamental role to play in developing the insurance industry in India and is the primary mechanism by which insurers reduce underwriting risk across classes of business or catastrophe exposures. It enables insurers to reduce capital costs and volatility and allows them the freedom to invest in developing their businesses.
As a next stage, we hope to work with governments, regulators and the private sector to discuss the recommendations detailed in this paper with a view to identifying specific actions and assigning roles for implementation. The private sector is committed to playing its part in this process.