Proposal at BRICS Summit to Build a Strong and Self-Reliant Insurance Ecosystem for Member Countries
At the 18th BRICS Summit held in New Delhi, member countries proposed building a strong and self-reliant insurance ecosystem. Under the 'New Delhi Declaration 2026', the concept of a BRICS Insurance Resilience Center (BIRC) and a BRICS Risk Lab has been advanced. The BRICS insurance market, currently around **$1.82 trillion**, is projected to reach **$3.45 trillion** by 2034.
Kathmandu. A proposal has been made at the BRICS Summit to build a strong and self-reliant insurance ecosystem for member countries. BRICS member countries have called for building an even more self-reliant BRICS insurance ecosystem using the bloc's collective capacity, promoting trade among members, and discussing 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 organized under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'.
In the New Delhi Declaration, member countries also welcomed the ongoing discussion among interested members on the concept of a BRICS Insurance Resilience Center (BIRC). This center will serve as a voluntary shared capacity platform to develop common risk models, share best practices, and build expert capacities.
In this context, member nations expressed interest in advancing discussions on India's proposal to host a BRICS Risk Lab at the Gujarat GIFT City International Financial Services Centre (IFSC). Interested members will be able to participate in this lab.
The declaration stated, 'We are ready for further discussions on enhancing the reinsurance capacity of BRICS members with the voluntary participation of relevant stakeholders such as regulators and reinsurance companies of BRICS countries.' BRICS member countries seek to develop an insurance ecosystem that can better support BRICS trade and strengthen financial resilience.
Writing on LinkedIn, CA Amitkumar Kedia, Director of Kedia Corporate Advisors, said, 'If taken forward, this proposal could create an interesting platform for collaboration among regulators, insurance companies, and reinsurance companies of BRICS countries, especially in areas where risk modeling, specialized capacity, and cross-border insurance and reinsurance expertise are becoming increasingly important.'
According to DataCube Research, the total BRICS insurance market is estimated to reach approximately $1.82 trillion, experiencing strong year-on-year growth.
Estimates show that this market could reach $3.45 trillion by 2034. As global reinsurance capacity declines, domestic insurance companies are taking on larger catastrophe and health risks. –Agency