21^st Insurance Summit

India’s aspiration for Viksit Bharat by 2047, alongside IRDAI’s vision of “Insurance for All by 2047,” positions the insurance industry as a key enabler of inclusive and sustainable national growth. This dual vision goes beyond expanding coverage. It calls for a fundamental transformation in how insurance products are conceptualised, designed, and delivered to serve an economy that is becoming increasingly complex, digital, and risk-sensitive.

The emerging risk landscape challenges traditional product structures. New-age risks, such as cyber threats, supply chain disruptions, and climate-induced business interruptions, demand innovative protection mechanisms that existing products often fail to provide. The urgency is evident. In the past three decades, insured losses from natural catastrophes have risen at a rate much higher than global GDP growth. Moreover, extreme heat alone is projected to account for over 70% of potential fixed asset losses across industries in the coming decade, making climate risk a central agenda for product innovation and resilience building.

Simultaneously, the rapid rise of a young, digitally empowered middle class has redefined customer expectations. This new generation values transparency, personalisation, and immediacy in financial protection. The industry must therefore transition from a “one-size-fits-all” approach to a “risk-adaptive, customer-first” paradigm where products evolve continuously with the customer and the context.

This Summit seeks to bring together CEOs, policymakers, and thought leaders across the insurance value chain to engage in strategic dialogue on the future of product innovation. The discussions aim to inspire actionable pathways for building an insurance ecosystem that is efficient, trustworthy, and resilient, an ecosystem capable of supporting India’s journey toward a truly developed and financially inclusive economy by 2047.