Policybazaar has launched reinsurance operations in Sri Lanka, Qatar, Oman, and the United Arab Emirates.
The India-based insurance platform noted that the expansion is in response to increased demand for modern reinsurance solutions in emerging markets seeking greater transparency and faster decision-making through data-driven processes.
Policybazaar said that the digital-first system is designed to facilitate quicker and more transparent facultative and treaty placements for property, marine, liability, cyber, and climate-related risks.
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According to the company, the platform allows insurers to access improved pricing, increased speed, and enhanced data visibility, supporting risk carriers in making more informed decisions and streamlining reinsurance placements.
The company’s entry into Sri Lanka, Qatar, Oman, and the UAE aligns with regional market trends. In Sri Lanka, gross written premiums reached LKR 280.1 billion in 2023, a 40% increase since 2019, with rising demand for cyber coverage.
Policybazaar’s expansion also comes at a time when India’s health insurance sector is experiencing its highest-ever renewal rates, according to recent data. Over the last five years, the persistency rate for the number of policies has grown by about 4%, while gross written premium persistency has risen by roughly 7%.
The Indian health insurance market is also projected to see substantial growth in the coming years. Market value is forecast to reach US$23.8 billion by 2028, representing a compound annual growth rate of 12.8% from 2024. This anticipated expansion is driven by rising healthcare costs, evolving consumer preferences, and broader access to insurance products.
Tarun Mathur (pictured above), co-founder and chief business officer for corporate insurance and reinsurance at Policybazaar, said, “Reinsurance has long been driven by legacy networks rather than innovation. But insurers today face a different reality – climate volatility, systemic cyber threats, and economic uncertainty all at once. They need partners who bring clarity, speed, and data-led decisioning, not just capacity.”
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