BRICS countries have proposed building a stronger and more self-reliant insurance ecosystem to support trade among member nations and strengthen reinsurance capacity. The proposal was included in the New Delhi Declaration 2026, adopted at the 18th BRICS Summit held in New Delhi on September 12–13.
The declaration calls for exploring a BRICS Insurance Resilience Centre (BIRC) as a voluntary shared capability platform. The proposed centre could support the development of common risk models, exchange of best practices and creation of specialist insurance capabilities.
An important element is India’s proposal for a BRICS Risk Lab at GIFT City International Financial Services Centre (IFSC) in Gujarat. Interested BRICS members could participate in the proposed laboratory.
The initiative also seeks further discussions on enhancing reinsurance capacity among BRICS members, with participation from regulators and reinsurers.
For the insurance sector, stronger regional cooperation could be particularly relevant for large and complex risks. Common risk models and greater sharing of expertise could improve the assessment of catastrophe, infrastructure, climate and cross-border commercial risks.
Reinsurance capacity is another important issue. As risks become larger and more interconnected, domestic insurance markets may require additional capital and risk-transfer mechanisms. A stronger BRICS insurance ecosystem could potentially provide additional avenues for sharing these exposures.
The proposed Risk Lab could also become a platform for developing specialised capabilities in areas such as catastrophe modelling, climate risk, cyber risk and emerging risks. However, its eventual value will depend on participation, data availability, technical standards and regulatory coordination.
The opportunity is significant given the scale of the combined BRICS insurance market. One industry estimate cited in reporting puts the market at approximately $1.82 trillion, with potential to reach $3.45 trillion by 2034.
For India, the proposal has particular strategic relevance because GIFT City IFSC could potentially become a regional hub for insurance and reinsurance expertise, risk modelling and financial risk-transfer solutions.
However, creating a genuinely self-reliant insurance ecosystem will require more than establishing institutions. Differences in regulation, underwriting practices, data standards, capital requirements and claims frameworks across member countries will need to be addressed.
The proposal therefore represents an important starting point rather than an immediate operational framework. Its success will depend on how effectively BRICS converts the declaration into common capabilities, practical risk-sharing mechanisms and greater reinsurance capacity.
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