India's Reinsurance Sector Poised for Growth with Policy Reforms and GIFT City Role

Financial Services Secretary M Nagaraju highlighted India's reinsurance sector's transformative growth potential at the IFSC-IRDAI-GIFT City Global Reinsurance Summit. He noted the sector's significant economic role, with 41.84 crore policies issued and Rs 11.93 lakh crore premiums collected in FY 2024-25. The total reinsurance market reached Rs 1.12 lakh crore. Policy reforms, including increased foreign direct investment and enhanced regulatory powers, aim to boost growth and accessibility through GIFT City.