India’s reinsurance market grows 11% to Rs 1.12 lakh crore in FY25

The overall market size includes business accepted by Indian reinsurers, Foreign Reinsurers’ Branches (FRBs), reinsurers from outside India, IFSC Insurance Offices (IIOs), as well as premiums ceded by direct insurers.

• India's reinsurance market grew 11 percent to Rs 1,12,305 crore in FY 2024-25
• GIC Re led domestic reinsurance, holding 52.43 percent market share
• Jio Insurance and Alliance sign India's largest reinsurance deal for FY25.

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India’s reinsurance (RI) market expanded 11 percent year-on-year to Rs 1,12,305 crore in FY 2024-25, up from Rs 1,00,859 crore in FY24, said the recent annual report launched by Insurance Regulatory and Development Authority of India.

The overall market size includes business accepted by Indian reinsurers, Foreign Reinsurers’ Branches (FRBs), reinsurers from outside India, IFSC Insurance Offices (IIOs), as well as premiums ceded by direct insurers.

During FY25, the gross reinsurance premium written by Indian reinsurers and FRBs stood at Rs 69,228.64 crore. Of this, domestic business continued to dominate, accounting for nearly 85 percent of the total, while foreign business contributed the remaining share.

Indian business written by reinsurers and FRBs amounted to Rs 58,478.95 crore.

Within this, public sector reinsurer General Insurance Corporation of India (GIC Re) maintained its leadership position, accounting for 52.43 percent of the domestic reinsurance business. The remaining 47.57 percent was underwritten by Foreign Reinsurers’ Branches operating in India.

The foreign business portfolio of Indian reinsurers and FRBs, though smaller in comparison, continued to provide diversification benefits and exposure to international risk pools.

A key development during the year was the reinsurance partnership between Jio Insurance Broking and global reinsurance major Alliance, which industry executives describe as the largest reinsurance deal in India during FY25. The transaction underscores the rising scale of risk placement in the market and reflects increasing sophistication in reinsurance structuring for large and diversified insurance portfolios.

The data indicates a broad-based expansion in reinsurance placements across non-life, life, and health insurance segments, supported by higher primary insurance penetration, increased policy issuance, and growing awareness of risk mitigation among insurers.

IRDAI noted that the steady rise in reinsurance premiums reflects insurers’ efforts to strengthen balance sheets amid increasing exposure to large risks, including natural catastrophes, health-related claims, and complex commercial covers. Higher reinsurance support also helps insurers manage solvency requirements and capital efficiency.