City of London Corporation to Hold UK-India Insurance Summit

LONDON, England, April 5 -- The city of London issued the following news release:

The City of London Corporation is to hold a UK-India Insurance Summit, bringing together professionals and experts from both countries to discuss further opportunities for collaboration.

The event, being held in the Square Mile next Thursday (11 April), sees a range of speakers and panels from industry and government take to the stage to discuss how best to deepen UK-India collaboration in insurance.

Alderman & Sheriff of London Vincent Keaveny will also make a keynote speech and the Indian High Commission will be present to inaugurate the sessions and provide welcome remarks.

Sponsored by the Asia Insurance Post and supported by the Association of British Insurers and GIC Re, discussion is set to focus on the enormous growth of insurtech in both countries, and how the development can seek to address India's low insurance penetration and density. India currently has 34 general insurers, 24 life insurers, branch offices of 10 global reinsurers' and over 500 brokers, with 45 foreign re/insurers also based in the country. Last year the industry garnered almost US$ 100 billion in total premiums, with this expected to reach US$ 280 billion by 2022.

By contrast, firms in the UK manage pound sterling1.8 trillion worth of investments, making it the third largest insurance industry in the world. Investment in insurtech in 2018 was just shy of pound sterling1 billion, making the UK ideally placed to work with India in this area.

Catherine McGuinness, Policy Chair at the City of London Corporation, said:

"Trade between the UK and India stands at an impressive pound sterling18.8bn, but there is still enormous potential to expand this relationship even further, particularly in the field of insurtech.

"The UK is a world leader in the field of insurance, and has much expertise that can assist India and help boost penetration of insurance products across the country.

"I hope this event is a success, and look forward to continuing the conversation going forward."

The City Corporation has a longstanding programme of work in India, and opened a representative office in Mumbai ten years ago. 13 Indian banks have offices in London and many have branches across the UK.

The event is being held at Gibson Hall, 13 Bishopsgate, London, EC2N 3BA. Those wanting to attend the event can do so by registering here.

Media can register by emailing [email protected].