BRICS member nations have called for harnessing the collective potential of BRICS to build a more self-reliant BRICS insurance ecosystem to support trade among members and enable further discussion on enhancing reinsurance capacities.
The call for building a self-reliant insurance ecosystem is a part of the New Delhi Declaration 2026 released at the XVIII BRICS Summit held at New Delhi from 12 to 13 September 2026. The Summit was held under the theme: “Building for Resilience, Innovation, Cooperation and Sustainability”.
The New Delhi Declaration also said the member countries welcome continued discussions among interested members on exploring the concept of a BRICS Insurance Resilience Centre (BIRC) as a voluntary shared capability platform for developing common risk models, exchanging best practices and building specialist capabilities.
In this regard, members expressed interest in taking forward the discussions on India's proposal to host a BRICS Risk Lab, open to participation by interested members, at the GIFT City International Financial Services Centre (IFSC) in Gujarat.
The Declaration further said, “We look forward to further discussions regarding enhancing BRICS members’ (re)insurance capacity, with the voluntary participation of relevant stakeholders, comprising regulators, and reinsurance companies from BRICS countries. BRICS member countries are looking to develop an insurance ecosystem that can better support intra-BRICS trade and strengthen financial resilience.
CA Amit Kumar Kedia Director Kedia Corporate Advisors writing on LinkedIn said, “If taken forward, this (proposal) could create an interesting platform for collaboration among regulators, insurers and reinsurers across BRICS countries particularly in areas where risk modelling, specialised capabilities and cross-border insurance/reinsurance expertise are becoming increasingly important.”
According to DataCube Research the total BRICS insurance market is projected to reach approximately $1.82tn, showing strong year-over-year growth. Estimates suggest the market could expand to $3.45tn by 2034. Domestic insurance companies are taking on more catastrophic and health risks as global reinsurance capacity tightens.