The India Rendezvous, being held in Mumbai 20-22 January, has generated considerable interest from around the world with over 650 delegates from 38 countries registered.
The Rendezvous with the theme, “A new reinsurance model for India” is organised by Asia Insurance Review along with GIC Re. It has become a must-attend event for insurance and reinsurance practitioners across the world as it provides a platform for them along with intermediaries to gather and take stock of the state of the Indian market and the world of reinsurance in India. A number of senior executives from the reinsurance industry, who include Lloyd’s chairman Bruce Carnegie-Brown, SCOR global P & C CEO of reinsurance Michel Blanc, and GIC Re chairman and MD Devesh Srivastava, are speaking at this year’s event.
Foreign reinsurers are drawn to the Indian market due to its business and geographical diversity and mix, and its sheer size and potential. India shares close ties with SAARC (South Asian Association for Regional Cooperation) countries and extensively supports reinsurance programmes in many of the markets.
With rates hardening, an increasing number of Nat CAT events across the world, and the rise in protectionism, international reinsurers are finding the going tough.
India is today the fifth largest economy in the world. With an insurance penetration of 0.93% in the non life segment, the potential is limitless. Changes to reinsurance laws in 2017 allow foreign reinsurers to establish branches in the country, and this has injected dynamism and greater professionalism in the market place. The Rendezvous this year will also look at the new drivers of growth in the vibrant market, as India still shines as a major destination for companies around the world.