Ahmedabad:
The International Financial Services Centres Authority (IFSCA), in its endeavour to develop a Longevity Finance Hub in GIFT city,has constituted an expert committee to recommend approach towards development of Longevity Finance Hub and provide road map for the same.
The expert committee will be co-chaired by Kaku Nakhate, President and Country Head (India), Bank of America, and Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited.
Others in the committee include N. S. Kannan – MD&CEO of ICICI Prudential Life Insurance, Nilesh Shah – MD of Kotak Mahindra MF, Siddharth Shah – Partner at Khaitan & Company and Ashish Gumashta – MD & CEO at Julias Baer Wealth Advisors.
Global estimates suggest that there are one billion people in the silver generation (a global cohort of individuals aged 60 and older) with a combined spending power of $15 trillion and the size is ever expanding.
Development in medicinal science and technology will support extending of lifespan and longevity of the silver generation. It is estimated that by 2040, there will be more members of the silver generation than people under 20. This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products, said the IFSC.
International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India.
Earlier, the IFSCA constituated a panel, headed by former Sebi chairman,,GN Bajpai, to iIdentify areas for developing IFSC as a global hub for insurance and reinsurance activities along with strategic frames for making IFSC as a preferred destination for global insurers and reinsurers.
The panel, which is yet to submit its report, will suggest a roadmap for making IFSC as a hub for the insurance solutions for large Indian Diaspora.
It will also suggest regulatory design conducive to building a global insurance hub.