Kathmandu: The second edition of Global Reinsurance Summit kicks off on Monday at JW Marriott Hotel Mumbai. The summit aims at attracting global reinsurers and brokers to invest and operate their businesses in India.
The reinsurance experts from different countries and reinsurers will share their ideas and views on different aspects of risk-sharing, global reinsurance trends, emerging challenges and common ground for mitigating the challenges ahead.
The International Financial Services Centres Authority (IFSCA) is the main organizer of the summit. IFCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.
At present, the International Financial Services Centre (IFSC ), located in the GIFT City near Ahmedabad, is the maiden IFSC in India. IFSC regulates all the reinsurers, brokers, insurance and cross-border reinsurance brokers(CBR). Prior to the establishment of IFSCA, the domestic financial regulators, namely, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
The opening ceremony of the Summit was addressed K Rajaraman, IFSCA chairman, PK Arora, member, Actuary and Reinsurance, IRDAI, Tapan Ray, MD & CEO, GIFT City and host of Indian and international re/insurance experts.
According to Asia Insurance Post, the Summit, intends to showcase the IFSC GIFT City to global re/insurers and nudge them, who are already dealing with Indian market as Cross Border Reinsurers (CBRs), to set up their operations at IFSC.
The three days longOver 300 re/insurers are attending the Global Summit.
A team of insurers including representatives from general, life, reinsurer, brokers and regulatory authority of Nepal too has participated in the Summit. Mr. Rajendra Maharjan, Dy Director of Nepal Insurance Authority, will be participating as panelist in the discussion, ”Driving Regional Resilience and The Evolving Role of Regional Reinsurers and Regulators.”
