Narendra Bharindwal, president, Insurance Brokers Association of India, K. Rajaraman, Chairman, IFSCA , T Alamelu, principal advisor, IFSCA at the launch of IBAI’s chapter at IFSC- GIFT City
` There is a huge retail opportunity for the IFSC-GIFT City based insurers and intermediaries for targeting the 32 million NRIs and the Indian diaspora. Insurance Brokers Association of India (IBAI) and the General Insurance Council should collaborate actively for product development and market growth. IBAI should also partner with the Indian Banks’ Association within GIFT City to explore innovative financial solutions,”K. Rajaraman, chairman, International Financial Services Authority (IFSCA) on the occasion of Insurance Brokers Association of India (IBAI) launching its chapter at IFSC, GIFT City
Mumbai: K. Rajaraman , chairman, International Financial Services Authority (IFSCA), has urged the IFSC-GIFT City based insurers and re/insurance brokers to develop new products tailored to meet the emerging needs of 32 million non-resident Indian (NRIs) NRIs and the Indian diaspora.
“ There is a huge retail opportunity for the IFSC based insurers and intermediaries for targeting the 32 million NRIs and the Indian diaspora. I urge the Insurance Brokers Association of India (IBAI) and the General Insurance Council to collaborate actively for product development and market growth. IBAI should also partner with the Indian Banks’ Association within GIFT City to explore innovative financial solutions.
“Additionally, we must leverage AI and advanced technology solutions to drive efficiency and innovation, while simultaneously working to build strong reinsurance capacity to support the sector’s expansion.” said Rajaraman on the occasion of Insurance Brokers Association of India (IBAI) launching its chapter at IFSC, GIFT City.
T Alamelu, principal advisor, IFSCA said, “There is immense growth potential for international insurance business — both inward and outward — for entities operating from the IFSC, including direct insurance brokers. We are committed to providing a highly supportive and enabling ecosystem that facilitates seamless registration and efficient operations for all participants in the IFSC.”
This chapter stands as a testament to IBAI’s resolve to support the growth of insurance broking not only within India but also in international markets through GIFT City’s unique platform. With insurance brokers contributing nearly 40% to the general insurance business and aspiring to expand their presence in life insurance, IBAI’s presence at IFSC will help amplify its impact on the industry’s next phase of growth.
With the IBAI set to enter its Silver Jubilee year in July 2025, IBAI plans to launch state-wise or city-wise chapters soon to foster greater dialogue and engagement with all stakeholders.