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The Economic Times
The Economic Times
Poonam Khaira Sidhu

India’s Reinsurance: Hidden tax or treaty? Best way to expand tax base is to redraw map of where business is done

India Insurance GIFT City IRDAI Singapore

You buy a life insurance policy from an Indian insurer. Your premium is paid in rupees, and is governed by Indian law. Your claim will be settled in India. Everything appears reassuringly Indian except one thing. There is a good chance that part of your risk has quietly travelled to Munich, Zurich, Singapore or London. Welcome to the little-known world of reinsurance, where insurance companies buy insurance for themselves.

Every time an Indian family buys life insurance, or a company insures an airport, factory, refinery, ship or satellite, the insurer often transfers part of that risk to specialist global reinsurers. The customer never sees this second contract. Yet, it forms the backbone of modern insurance. According to the latest IRDAI annual report, India's reinsurance market crossed ₹1,12,305 cr in FY25.

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