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.
In his welcome address at the 2nd IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit, International Financial Services Centres Authority (IFSCA) executive director Praveen Trivedi, said that setting up businesses in India has been gaining notable traction in the past period thanks to the regulatory effort which focused more on enhancing ease of doing business. Mr Trivedi said that it is a positive sign that the 2nd edition of the Summit is attracting guests from all around the world representing various insurance, reinsurance and insurance-related entities as well as regulators and other industry professionals.
A record number of close to 1000 delegates from 45 countries have registered for the 18th India Rendezvous that kicks off in Mumbai today.
In his inaugural address at the 17th India Rendezvous yesterday morning, Insurance Regulatory and Development Authority of India (IRDAI) member (non-life) Thomas Devasia said, "IRDAI is supporting the insurance industry to build strategically on the enormous successes of the innovations and successes of India's digital public infrastructure."
The Indian insurance market, currently growing at 14-15%, is a dynamic melting pot of opportunity, with the IRDAI's clarion call to achieve "Insurance for every Indian by 2047" expected to catapult the industry to even greater heights.
A record number of 800 delegates from 35 countries have registered for the 16th India Rendezvous that kicks off in Mumbai today.
Despite all its hiccoughs, 2020 had some silver linings too. The pandemic year saw an investment of around $26bn in digital health by venture capitalists and this is likely to increase nine-fold in the next five years and likely to touch $238bn by 2026.
Traditional distribution models within general insurance are changing quickly and moving to insurance becoming much more of a part of ecosystems with third party distributors. "These may be e-commerce, or travel, or mobility, or all sorts of insurance purchased in the context of everyday life," said Boston Consulting Group managing director and senior partner Anupam Sahay during yesterday's InsurTech panel.
Speaking on the topic of climate change and COVID-19 systemic risk considerations, RMS director of market and product specialist Hemant Nagpal said that both climate change and the pandemic were systemic risks.
In his welcome address, GIC Re chairman-cum-managing director Devesh Srivastava said that the COVID-19 pandemic was a huge challenge to the insurance sector in India and the basic definition of the protection gap was questioned.