India Advances Insurance Reforms and Global Reinsurance Hub Ambitions Amid Regional Growth

India's insurance sector is undergoing significant reforms aimed at increasing foreign direct investment to 100%, reducing bureaucratic hurdles, and expanding market accessibility. Financial Services Secretary M Nagaraju highlighted the role of the International Financial Services Centres Authority (IFSCA) and GIFT City in positioning India as a global reinsurance hub. Despite low insurance penetration and density compared to global averages, the sector shows growth potential, with rising premiums and policy issuance supporting economic development. Assam's rapid economic growth, driven by fiscal discipline and investment, reflects broader regional development trends.