India\u2019s risk transfer market is at an inflection point, as reinsurance infrastructure in the country lags the evolution of the rapidly expanding primary insurance market, creating opportunities for new ideas and models, according to Tarun Mathur, Co-founder and Chief Business Officer, Policybazaar.<\/p>\n
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Founded in 2008, Policybazaar is an insurance and reinsurance broker and India\u2019s one stop destination online for all types of insurance products, and with a more than 90% market share and having sold more than 42 million policies since its inception, the company has a deep understanding of India\u2019s growing re\/insurance industry.<\/p>\n
In light of recent regulatory changes in the region and rising insurance penetration, which is creating more demand for reinsurance protection, Reinsurance News spoke with the broker\u2019s Co-founder about the outlook for India\u2019s risk transfer space.<\/p>\n
\u201cIndia is at an inflection point\u2014its insurance market is expanding rapidly, but reinsurance infrastructure hasn\u2019t quite evolved at the same pace. That\u2019s where we see an opportunity,\u201d said Mathur.<\/p>\n
Mathur explained that as Indian businesses become more digitally driven and increasingly risk-aware, Policybazaar helps insurers expand coverage across industries with tailored plans, supporting broader risk appetite and improved pricing, with reinsurance expected to play a key role in fuelling the next wave of growth.<\/p>\n
\u201cThe idea is to give insurers the confidence to underwrite everything from logistics and healthcare to IT services and infrastructure,\u201d said Mathur.<\/p>\n Support for emerging risk classes and enabling long-tail risk coverage is also part of the firm\u2019s remit. Additionally, \u201cdata-led underwriting, and better insights on risk, usage, and claims trends can allow reinsurers to price smarter, even in traditionally underpenetrated sectors,\u201d continued Mathur.<\/p>\n Last year, the broker received an updated license from the Insurance Regulatory and Development Authority of India (IRDAI) to include reinsurance services to its established clientele.<\/p>\n Mathur provided some insights into the opportunities as the company positions itself to cater to a larger audience. Reducing friction in the value chain is another area Mathur sees an opportunity, revealing that the company is \u201cstreamlining what has historically been a very manual market with more clerical than analytical work,\u201d with \u201cfaster quotes, structured information, and greater transparency.\u201d<\/p>\n Further, Policybazaar is co-creating products with reinsurers. \u201cWith insights from thousands of Indian businesses, we help global reinsurers localise products and pricing strategies. Our strength lies in data visibility, last-mile servicing, and claims digitisation,\u201d Mathur told Reinsurance News.<\/p>\n Currently, the Indian regulatory direction is forward-looking so is very open to innovation, global participation, and digital enablement.<\/p>\n \u201cAs the market evolves, continued progress on faster approvals, sandbox access, and support for tech-first models will be key,\u201d explained Mathur. \u201cThere is currently a lot of talk on the regulations and the push towards FRBs. But this is a healthy movement as it encourages more and more reinsurers to set up shop in India. Plus, there are benefits to be had using the GIFT city route which each reinsurance company must consider.\u201d<\/p>\n \u201cOverall, with the economic growth foreseen and the increased hunger for capacity, regulations will also see changes enabling ease of business whilst keeping security and solvency in check. Recent IRDAI reforms, such as reduced capital requirements for FRBs, simplified reinsurance program norms, and alignment with IFSCA and signal a clear intent to make India a global reinsurance hub,\u201d he continued.<\/p>\n Given this interview took place shortly after the April 1st, 2025, reinsurance renewals, a key renewal date for the Indian market, we also questioned Mathur on the outcome of this year\u2019s renewals in India.<\/p>\n \u201cThis year\u2019s renewals reflected a shift\u2014towards innovation, diversification, and faster execution,\u201d he stated.<\/p>\n He went on to explain that the April 2025 renewals gave more importance to structured and layered programs, as insurers are moving towards reinsurance designs that reflect the diversified nature of corporate India.<\/p>\n There was also a notable shift from just catastrophes to broader risk focus, including cyber, health, and commercial liability, which, as classes got more attention this renewal, reflected a clear change in priorities.<\/p>\n According to Mathur, one of the key things that stood out in the April renewals for India was the digital readiness of the reinsurers, those with strong tech capabilities and local insights gained ground.<\/p>\n Since the Indian market is no different from its international counterparts, the appetite for co-innovation was greatly appreciated. Both global and domestic reinsurers showed interest in building bespoke solutions for Indian corporates, explained Mathur.<\/p>\n To end, Reinsurance News asked Mathur for his outlook for the Indian reinsurance market over the next 12-24 months.<\/p>\n \u201cWe\u2019re headed into a more specialised, data-driven phase of reinsurance\u2014with plenty of room for new ideas and models,\u201d said Mathur.<\/p>\n He highlighted growth across business segments as \u201cstartups need lean, modular products, large corporates need comprehensive programs,\u201d emphasising that reinsurance supports both ends.<\/p>\n Mathur stressed that domestic reinsurers are evolving fast, noting that Policybazaar is \u201cexcited to work alongside\u201d homegrown players that are increasingly investing in technology and sector expertise.<\/p>\n At the same time, he expects that \u201cbrokers, insurers, and reinsurers will collaborate more closely to create faster, smarter, and more sustainable solutions.\u201d<\/p>\n The post Ample opportunities as India\u2019s re\/insurance market at inflection point: Policybazaar\u2019s Mathur<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" India\u2019s risk transfer market is at an inflection point, as reinsurance infrastructure in the country lags the evolution of the rapidly expanding primary insurance market, creating opportunities for new ideas and models, according to Tarun Mathur, Co-founder and Chief Business Officer, Policybazaar. Founded in 2008, Policybazaar is an insurance and reinsurance broker and India\u2019s one…<\/p>\n","protected":false},"author":1,"featured_media":736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"_links":{"self":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts\/734"}],"collection":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/comments?post=734"}],"version-history":[{"count":3,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts\/734\/revisions"}],"predecessor-version":[{"id":738,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/posts\/734\/revisions\/738"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/media\/736"}],"wp:attachment":[{"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/media?parent=734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/categories?post=734"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.vsdia.com\/index.php\/wp-json\/wp\/v2\/tags?post=734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Download](\"http:\/\/www.vsdia.com\/wp-content\/uploads\/2025\/04\/catastrophe-bond-ils-market-report-q1-2025-728x90-2.png\")
<\/a><\/p>\n<\/div>\n<\/div>\n
\n\u201cCovers like cyber, liability, PI, and parametric are becoming mainstream. Reinsurers play a big part in making these scalable. Sectors like manufacturing or construction need long-term liability support\u2014reinsurance makes these sustainable,\u201d he said.<\/p>\n
\nThis includes Reinsurance-as-a-Service (RaaS) for all portfolios. \u201cWe\u2019ve built a tech-first reinsurance model designed for India\u2019s massive economy: simple, modular, and easy to plug into, something the market will appreciate,\u201d explained Mathur.<\/p>\n