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Foreign reinsurers are experiencing strong growth in India, with their market share approaching 50% over the past year.
According to global data, total insurance premiums collected by foreign reinsurers in India rose by 49% in 2024 compared to the previous year- marking the highest annual increase since a 25.8% rise in 2019.
The market share of foreign reinsurers in India is projected to hit 50% by 2025.
The data shows that the Indian reinsurance market remains highly concentrated, with the top five reinsurers- comprising four foreign and one domestic firm- holding 95.4% of the gross written premiums (GWP) in 2023.
The combined market share of the top four foreign reinsurers rose significantly, from 19.4% in 2019 to 44.4% in 2023.
Growing demand for reinsurance, competitive pricing and revised regulatory frameworks have all contributed to the rapid expansion of foreign reinsurers’ business in the country.
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