Gurugram: Policybazaar.com has announced a major milestone with its Policybazaar reinsurance expansion into Sri Lanka, Qatar, Oman, and the UAE. With this move, the company becomes one of the first India-based intermediaries to launch a tech-driven reinsurance model across Asia and the Middle East.
The Policybazaar reinsurance expansion marks a significant step in bridging efficiency and capacity gaps in rapidly growing insurance markets.
Policybazaar Reinsurance Expansion Brings Data-Driven Efficiency
Built on a digital-first foundation, the new Policybazaar reinsurance platform integrates advanced data analytics, actuarial insights, and Policybazaar’s extensive distribution experience.
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It is designed to support insurers across property, marine, liability, cyber, and climate-linked risks – offering faster, transparent, and data-backed facultative and treaty placements.
Tarun Mathur, Co-founder and CBO, Corporate Insurance & Reinsurance, Policybazaar, said, “Reinsurance has long been shaped by traditional networks. However, in today’s environment marked by climate volatility, systemic cyber risks, and economic uncertainty, insurers need partners who offer data-led clarity and agility.”
He added that Policybazaar reinsurance expansion is focused on reducing friction, improving transparency, and enabling faster decision-making.
“Sri Lanka, Qatar, Oman, and the UAE represent dynamic markets that value innovation. This marks the beginning of a tech-powered, pan-Asian reinsurance network,” Mathur said.
Rising Opportunities in New Markets
- Sri Lanka: The insurance sector’s gross written premiums (GWP) reached LKR 280.1 billion in 2023, a 40% increase since 2019. The cyber insurance segment remains underpenetrated, indicating significant reinsurance potential.
- Oman: Insurers posted OMR 609 million in 2024 revenues (+8% YoY), while Oman Re’s GWP rose 21%. The rollout of the mandatory Dhamani health insurance scheme is expected to further fuel industry growth.
- Qatar: Diversification beyond the energy sector is evident, with QIC’s H1 2025 GWP up 17% to QAR 5.7 billion. Regulatory reforms from the Qatar Central Bank are driving a shift toward digital reinsurance.
- UAE: With AED 64.8 billion in GWP in 2024 (+21% YoY), the UAE continues to lead as a regional hub. The Dubai International Financial Centre (DIFC) alone generated USD 3.5 billion in (re)insurance premiums, reflecting robust demand for digital platforms.
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Blending Indian Insurtech Expertise with Global Reinsurance
Through its strategic reinsurance expansion, Policybazaar aims to merge Indian insurtech innovation with global reinsurance ecosystems.
The initiative empowers insurers across Asia and the Middle East to navigate complex risks with enhanced clarity, speed, and data-backed precision.
