The Top Networking Event for the Indian insurance industry is back again in 2024!
The Indian government has set about a roadmap to make India a $5tr economy by 2025, with a focus on growth at the macro level and complementing it with all-inclusive welfare at the micro level, promoting digitalisation and fintech, technology-enabled development, energy transition and climate action and relying on a virtuous cycle of investment and growth.
India is today one of the fastest growing insurance markets in the world with total insurance premiums expected to grow by an average 14% per annum in nominal local currency terms and 9% per annum in real terms over the next decade. At this pace, India will become the sixth largest insurance market in the world in terms of premium volume by 2032, up from 10th largest in 2021.
Going forward into 2024, rapid economic development and income growth, and higher risk awareness in large part due to the experience of the COVID-19 pandemic are expected to be among the main drivers of industry growth.
The Insurance Regulatory and Development Authority of India (IRDAI) has given the clarion call to the industry to achieve ‘Insurance for every Indian by 2047’ and the Rendezvous will look at the area of talent and technology in achieving this humongous task of insuring 1.4bn Indians by 2047 and look at the opportunities ahead for the insurance and reinsurance sector.
Hosted by GIC Re and Asia Insurance Review, this event will specifically chart out the course for the reinsurance industry for the next decade. Bilateral discussions between India industry players and the rest of the world will be held during the second half of the conference daily.