BRITISH HIGH COMMISSION IN DELHI

Defining opportunities for Indian insurance companies to put climate change at the heart of their growth strategies

Brief

India’s insurance sector reforms in 2015 opened the market to increased foreign investment and the much-needed participation of international reinsurance players. ESG was asked by the British High Commission in Delhi to engage the largest Indian insurance companies, provide strategic direction for where insurers and regulators can cooperate to increase India’s climate resilience, and broker opportunities to continue after the project.


Results

As a result of the project:

  • The CEOs of the largest Indian insurance companies have received clear strategic guidance on the opportunities to put climate resilience at the heart of their market growth strategies and many of them have tasked their offices to mainstream this analysis within their companies.
  • The UK Foreign Office and the climate change programme of the British High Commission in Delhi have engaged the insurance sector with growth propositions and are able to build a stronger participation of insurance sector players in ongoing policy projects, identifying ways in which UK insurance companies can support this market growth.
  • The General Insurance Council of India (GIC) and the Federation of Indian Chambers of Commerce and Industry (FICCI) have mobilised an Insurance industry task force to advance the opportunities proposed in collaboration with regulators.

Our Work

ESG’s work focused on key outcomes:

  • Identify risks and business opportunities: We used the Earth Security Index to assess the main areas of climate risk exposure for the Indian insurance sector, and identified the market opportunities and collaboration models for insurance companies to put climate resilience at the heart of their growth strategies.
  • Inform the insurance sector's growth strategies: We partnered with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the General Insurance Corporation (GIC) to convene and engage the biggest Indian insurance companies and their biggest clients in the energy and agriculture sectors.
  • Broker industry collaboration with policy-makers: We designed and led a dialogue of Indian insurance companies in Mumbai, in collaboration with FICCI and GIC, also involving UK insurance companies to advance the opportunities identified.
Go to report

“Earth Security Group’s report is an important contribution to the insurance sector in India. The report projects the future business opportunities for insurance companies to accelerate sustainable energy and agriculture. FICCI is delighted to collaborate with the Earth Security Group in supporting the Indian insurance sector to help meet India’s sustainable growth objectives.”

DR A. DIDAR SINGH, SECRETARY GENERAL, FICCI