The 11th India Rendezvous which kicks off in Mumbai today is seeing considerable interest from the MENA region with over 60 delegates from MENA markets having signed up for this must-attend annual reinsurance event. MENA reinsurers are looking to expand beyond their shores and are diversifying to newer areas in order to stabilise earnings against the uncertainties and volatility of their local markets.
The Rendezvous with the theme, “The New World of Reinsurance in India” is organised by Asia Insurance Review and is co-hosted with GIC Re. It is being attended by over 700 delegates. The event has now become an important event on the calendar for insurance and reinsurance practitioners across the world as it provides the platform for both insurers and reinsurers as well as intermediaries to come together to take stock of the state of the Indian insurance market and the world of reinsurance in India.
Foreign reinsurers all over the world are drawn to India due to its business and geographical diversity and mix, as well as its sheer size and potential. The MENA region with its close ties and proximity to the Indian sub-continent is a natural ally of the Indian market with considerable placement of business on both sides. MENA reinsurers are gradually reducing their exposure to local markets, and supplementing revenues by focussing more on Asian and African markets, where prices are more attractive.
India is today one of the top seven economies in the world, and with an insurance penetration of just 0.77% in the general insurance sector and 2.72% in life insurance, the potential is limitless. With changes to reinsurance laws, the Indian market also witnessed the setting up of foreign reinsurance branches in 2017. The Rendezvous this year will look at the new key drivers of growth in a very vibrant market, as India shines as a key business focus for many companies around the world.