A new ambitious, young Indian re/insurance industry has made a grand beginning, since 2000, in the world’s fastest growing economy. Today, the country has 34 general insurers, 24 life insurers, branch offices of 10 global reinsurers’ and over 500 brokers and the sector has 45 foreign re/insurers. In 2017-18, the industry had garnered almost USD 100 billion of total premium.

Today the country runs the world’s largest health insurance scheme, large agri-insurance scheme and has the largest number of insurance policies. Yet the country has very low insurance penetration and density. It can be said without a doubt that the insurance sector in India is all set to grow further with more engagement from private, public and foreign companies. The overall insurance industry is expected to reach US$ 280 billion by 2022.

It is changing the way products and services are delivered and in near future, one can expect a revolution in the business models – with Insurtechs playing a key role, presently there are over 130 insurtechs in India and the numbers are growing.

In 2018, Asia led with investments of $189 million, mainly due to large investments in InsurTechs.

The UK is positioning itself well as the government and regulators continue to build fintech bridges with Asia, to help reduce regulatory barriers and support growth. UK insurtechs saw over $1bn (£780m) of funding in 2018, up from $792m the previous year, they all come from London, which is and will remain the main hub in UK and Europe.

Join the event on April 11th to learn more about opportunities in the Indian-UK growing re/insurance and Insurtech market.