India plans to host first global insurance summit to attract investment

India plans to host the first state-sponsored global insurance summit later this year to flag challenges facing the industry, turn the global spotlight on Indian insurers and attract investments, an official aware of the matter said, at a time much of the developed world is bracing for an economic downturn. The department of financial services, along with insurance sector associations and insurance companies, are working on the roadmap for organizing this conference that is slated to be the world’s biggest, the official cited above said on condition of anonymity. The event will bring together leaders and top executives from top insurers, reinsurers, broking firms, actuarial organizations and regulators on one platform. The event would coincide with India’s ongoing G-20 presidency, and leverage the global focus on India. It may be organized closer to the heads of government meeting under G-20 sometime in September, though the exact time and venue are still being worked out. “We hope to bring in close to a dozen global heads on companies involved in insurance operations. Efforts are also on to bring regulators from the developed world too along with government representatives and key policymakers,” the official cited above said.