Kathmandu. The BRICS Summit has proposed to build a strong and self-reliant insurance ecosystem for the member countries. The BRICS member countries have called for the collective capacity of BRICS to build a more self-reliant BRICS insurance ecosystem, promote trade among the members and discuss ways to increase reinsurance capacity.
This call for a self-reliant insurance ecosystem is part of the ‘New Delhi Declaration 2026’ issued at the 18th BRICS Summit held in New Delhi on September 12-13. The summit was held under the theme ‘Building for Resilience, Innovation, Cooperation and Sustainability’.
The New Delhi Declaration also states that the member countries welcome the ongoing discussions among interested members on the concept of the BRICS Insurance Resilience Centre (BIRC). The Centre will serve as a voluntary common capability platform to develop common risk models, share best practices and build specialist capacities.
In this context, the Member States expressed interest in taking forward discussions on India’s proposal to set up a BRICS Risk Lab at GIFT City International Financial Services Centre (IFSC) in Gujarat. Interested members can participate in this laboratory.
“We look forward to further discussions on enhancing the reinsurance capacity of BRICS members with the voluntary participation of relevant stakeholders such as regulators and reinsurers of BRICS countries,” the declaration said. BRICS member countries seek to develop an insurance ecosystem that can better support BRICS trade and strengthen financial resilience.
Writing on LinkedIn, CA Amit Kumar Kedia, Director of Kedia Corporate Advisors, said, “If taken forward, this proposal could create an interesting platform for collaboration between regulators, insurance companies and reinsurance companies of BRICS countries, especially in areas where risk modelling, specialised capabilities and cross-border insurance and reinsurance expertise are becoming increasingly important.” ’
According to Datacube Research, the total BRICS insurance market is expected to reach around $1.82 trillion. It is experiencing strong year-on-year growth.
According to estimates, this market could reach $3.45 trillion by 2034. As global reinsurance capacity declines, domestic insurers are taking on even bigger disasters and health risks. -Agency
