Global Reinsurance Conference, Mumbai – Key Highlights and Takeaway
I. Introduction
The 18th India Rendezvous 2025 Global Reinsurance Conference, Mumbai was a prominent event that took place from January 20-22, 2025 at the JW Marriott Mumbai Juhu in Mumbai focusing on the reinsurance industry. It is a key gathering of industry leaders, experts, and professionals from the reinsurance sector, aimed at discussing trends, challenges, opportunities, and innovations in the global reinsurance market. The Rendezvous witnessed a record-breaking attendance with close to 1,000 delegates from 45 countries participating in this premier event, marking a significant milestone in its history. Notably, the conference achieved a balanced representation of brokers, reinsurers, and direct insurers and regulators in attendance.
The conference typically brings together reinsurers, brokers, regulators, and other stakeholders to address the evolving dynamics of the industry, particularly in the Indian and Asian markets. Topics may include risk management, new regulatory frameworks, emerging technologies, and the future of insurance and reinsurance in the region.
II. Key Highlights of the Conference
- Theme: “Insurance 2047: Achieving India’s Vision” to become a fully developed nation by 2047, highlighting the insurance industry’s role in fostering inclusive growth, technological advancement, and resilience against economic and environmental challenges.
- Focus: Aligning the insurance sector with India’s goal of becoming a fully developed nation by 2047, emphasising inclusive growth, technological advancement, and resilience against economic and environmental challenges.
- Technological Integration: Discussions centred on leveraging technologies like artificial intelligence and block chain to enhance insurance products and services, aiming to bridge the protection gap and ensure comprehensive coverage for all citizens.
- Climate Resilience: The event addressed the increasing threats posed by climate change and natural disasters, urging the insurance sector to innovate and collaborate in creating solutions that build resilience and protect vulnerable communities.
- Reinsurance Summit: The 2nd IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit, held on January 20, focused on opportunities within India’s international financial services centre, GIFT IFSC, and featured regulatory sessions by invitation only.
- Industry Participation: Mandarin Re, among other industry leaders, engaged in bilateral meetings to discuss innovative reinsurance solutions and explore new collaboration opportunities, reinforcing the importance of strong partnerships in driving growth.
- Student Engagement: A student essay competition was held, inviting students from the National Insurance Academy to reflect on the conference’s discussions, fostering the involvement of young minds in shaping the future of insurance.
- The 18th India Rendezvous 2025 successfully underscored the pivotal role of the insurance industry in realising India’s Vision 2047, setting the stage for collaborative efforts towards a resilient and inclusive future.
Day One – January 20, 2025 (Monday):
India Rendezvous featured insightful discussions on key topics such as exploring reinsurance opportunities and regulatory frameworks, and innovating risk transfer through the future of ILS and CAT bonds from GIFT city. GIFT City IFSC is poised to play a pivotal role in enhancing the ease of doing business, aiming to streamline processes and attract greater foreign direct investment in the Indian insurance sector. Connectivity, the scale of the Indian insurance industry and its neighbouring markets make India well-positioned to become a reliable (re)insurance hub.
Day Two – January 21, 2025 (Tuesday):
Day 2 of the 18th India Rendezvous commenced with opening addresses highlighting key themes such as the role of reinsurance in India’s 2047 vision, strategic partnerships, pricing strategies, policy developments, and the drive to boost insurance penetration. The discussions emphasised how innovative products and solutions can enable the industry to better capitalise on emerging market opportunities, contributing to the nation’s economic growth.
Bilateral meetings have been a key part of the Rendezvous; bringing together insurers, reinsurers, and brokers from India and internationally to the table – discussing many opportunities. As the 10th largest insurance market globally, India holds immense potential for future growth and development.
Day Three – January 22, 2025 (Wednesday):
The final day of the 18th India Rendezvous is underway, bustling with energy. Networking sessions, high tea, and insightful opening remarks have set the tone for the day. Andrew Selous Executive Director of City & Commercial Insurance Group and former UK Government Minister and Prime Ministerial Trade Envoy, shared valuable perspectives on climate resilience in emerging markets, while Andrea Keenan, Executive Vice President and Chief Strategy Officer at AM Best Rating Services, discussed investment and innovation strategies, paving the way for the day’s discussions.
III. Regional Reinsurers Panel titled ‘Driving Regional Resilience and the Evolving Role of Regional Reinsurers and Regulators
“The final day of the India Rendezvous was graced by the Regional Reinsurers Panel titled ‘Driving Regional Resilience and the Evolving Role of Regional Reinsurers and Regulators,’ moderated by Deepak Godbole, Former General Manager of GIC Re, with panelists Anil Sant, Arun Kumar K, Thanuja Danwatte, and Rajendra Maharjan.”
Deepak Godbole, the moderator of the discussion, said that Asia in general and the Indian subcontinent in particular is lacking insurance awareness and the problems of affordability are leading to a big protection gap. “As the return periods of various climate events appear to be shortening, direct writing insurers look with hope for support for the risk management, underwriting and pricing of such risks, from reinsurers and intermediaries, especially from brokers,” he said. Asian Reinsurance Corporation president and CEO Anil Sant said that local and regional reinsurers are a part of the individual or regional ecosystem. “They may not have the best security ratings or modelling tools; yet, they understand the local and regional ways, methods and business practices and act as a friend in need and organise payments quickly, assisting in post-disaster loss assessment activities.
GIC Bhutan Reinsurance Company CEO Arun Kumar highlighted the limited investment avenues available to the insurance sector in Bhutan, resulting in the regulator easing rules to allow insurers and reinsurers to lend to individuals and institutions.
Imperial Specialty Insurance Brokers, Sri Lanka CEO Thanuja Danwatte said insurers and reinsurers need to invest in data management, research, predictive analytics and digitisation. “Brokers with knowledge and global reach and experience could help insurers in the areas of creating solutions for cyber risks, agriculture and natural catastrophes.
Addressing the session, I stated that Nepal is prone to natural catastrophe risks, and there is a need to create a natural catastrophe pool in the market. “We are encouraging insurers to establish seismic research and meteorological study centres. We are also developing regulations to allow them to offer premium discounts for structures built to code and to penalise those that don’t meet building standards. Additionally, we’re promoting research into exposure modeling and pricing tools.”
Nepal’s Himalayan terrain leaves it highly susceptible to earthquakes and other disasters. I brought up the devastating 2015 Gorkha earthquake and highlighted the growing risks from climate change, as well as the challenges in rural regions. I also stressed the importance of building an insurance ecosystem to boost resilience against natural calamities, noting the limited insurance presence in Nepal’s rural areas and the need for innovative products to cover natural disasters like floods and landslides. Furthermore, I strongly mentioned plans to mitigate these risks, including developing hydropower projects to lessen flood impact. “As a regulatory body, we’re focusing on enhancing consumer protection, regional growth, inclusivity and sustainability in insurance.”
The panel explored critical conversations and delved deep into the role of regional reinsurers, strategies for driving resilience, and the evolving dynamics between reinsurers and regulators in shaping the industry’s future. These exchanges highlighted actionable insights and collaborative opportunities, setting a clear and ambitious tone for the rest of the year.
IV. Takeaway from the Event
The 18th India Rendezvous, convened industry leaders to discuss the future of insurance and reinsurance in alignment with India’s Vision 2047. Few reflection and possible policy recommendations from the conference are
1. Development of Reinsurance Expertise: Efforts are underway to develop reinsurance intermediaries within Nepal, aiming to bolster domestic expertise and attract international reinsurance business. This initiative is expected to increase foreign exchange inflows and strengthen the domestic reinsurance market.
2. Emphasis on Technological Integration: The conference highlighted the importance of integrating advanced technologies like artificial intelligence and blockchain in the insurance sector. For Nepal, adopting these technologies could enhance operational efficiency, product innovation, and customer engagement in both insurance and reinsurance services.
3. Focus on Financial Inclusion and Resilience: Aligning with India’s Vision 2047, the conference underscored the role of insurance in promoting financial inclusion and resilience. Nepali regulator might consider policies that encourage insurers to develop products catering to diverse populations, thereby expanding coverage and supporting economic stability.
4. Collaboration and Networking Opportunities: The event provided a platform for networking among international insurers, reinsurers, and brokers. For Nepali regulator, engaging with global counterparts offers opportunities to share knowledge, discuss regulatory developments, and explore collaborative initiatives that could benefit Nepal’s insurance landscape.
5. Alignment with India’s Vision 2047: The reinsurance sector plays a crucial role in supporting India’s goal to become a fully developed nation by 2047. This involves fostering inclusive growth, technological advancement, and resilience against economic and environmental challenges. Nepali regulator needs to take the initiative to formulate policy and take necessary steps in alignment with India vision 2047 so as to boost the insurance industry in the days to come.
6. Bridging the Protection Gap: Addressing the disparity between insurance coverage and actual needs is vital. Strategies discussed include expanding insurance penetration and developing products tailored to India’s diverse population. Similar efforts need to be adopted by the Nepali regulator to bridge down the huge protection gap.
7. Leveraging Technology: Integrating technologies like artificial intelligence and blockchain can enhance operational efficiency, improve customer experiences, and introduce innovative insurance solutions.
8. Innovative Solutions for Emerging Risks: The sector must adapt to emerging risks such as climate change and cyber threats by developing innovative products and collaborating with stakeholders to build resilience.
9. Role of GIFT IFSC: The Gujarat International Finance Tec-City (GIFT IFSC) offers unique opportunities for reinsurance operations, serving as a hub for international financial services and contributing to the growth of the reinsurance sector.
By focusing on these areas, the Nepali regulator can enhance the country’s reinsurance framework, promote domestic market growth, and align with broader regional developments in the insurance sector.
V. Concluding Remarks
The 18th India Rendezvous 2025 Global Reinsurance Conference at JW Marriott Mumbai is a premier event. This significant gathering brings together key industry leaders, experts, and professionals from the reinsurance sector to discuss trends, challenges, opportunities, and innovations in the global reinsurance market, marking a significant milestone in its history. Notably, the conference achieved broad representation, with attendees from insurance regulators, brokers, reinsurers, and direct insurers.
India’s Vision 2047 aims for inclusive growth, technological advancement, and enhanced resilience against economic and environmental challenges. The insurance industry stands at the forefront of this journey, tasked with safeguarding assets, lives, and businesses while fostering innovation and financial inclusion.
During the panel discussions on ‘Driving Regional Resilience and the Evolving Role of Regional Reinsurers and Regulation’, I emphasised the need to establish seismic research centres and meteorological study centres. Furthermore, to combat the increasing risks posed by climate change and challenges in rural areas, I urged the creation of an insurance ecosystem to enhance resilience against natural calamities. The 2025 edition is expected to be a significant event for professionals looking to explore opportunities and understand the latest trends shaping the reinsurance landscape.
(Maharjan is Deputy Director of Nepal Insurance Authority. This is his personal opinion and does not reflect the views of Nepal Insurance Authority)
