Policybazaar.com, one of India’s largest insurance platforms, has expanded its global footprint with the launch of its reinsurance operations in Sri Lanka, Qatar, Oman, and the UAE.
Built on a digital-first foundation, Policybazaar’s reinsurance platform combines data analytics, actuarial insights, and over a decade of distribution expertise to deliver faster, more transparent, and data-backed facultative and treaty placements.
The platform is set to support insurers across property, marine, liability, cyber, and climate-linked risks.
By bringing sharper underwriting discipline and speed, Policybazaar aims to better serve portfolios that have traditionally been underserved.
Tarun Mathur, Cofounder and CBO, Corporate Insurance & Reinsurance, Policybazaar, said: “Reinsurance has long been driven by legacy networks rather than innovation. But insurers today face a different reality—climate volatility, systemic cyber threats, and economic uncertainty all at once. They need partners who bring clarity, speed, and data-led decisioning, not just capacity.
“At Policybazaar, we’ve built our reinsurance platform to meet that need. It reduces friction, improves transparency, and empowers insurers to make faster, more informed decisions. Sri Lanka, Qatar, Oman, and the UAE are dynamic markets that value innovation and efficiency. This is more than an expansion—it’s the beginning of a pan-Asian, tech-powered reinsurance network.”
Every region presents rising opportunities for the industry, the firm noted. Sri Lanka’s reinsurance industry GWP reached LKR 280.1 billion in 2023, up 40% since 2019.
Specialist lines like cyber insurance, which are still in their early stages, indicate strong demand for modern reinsurance capacity, Policybazaar noted.
In Oman, insurers reported OMR 609 million in revenues in 2024 (+8% YoY), with Oman Re’s GWP up 21%. The rollout of Dhamani, the mandatory health insurance scheme, is set to drive further growth.
The market in Qatar is diversifying beyond energy into health and specialty risks, with QIC’s H1 2025 GWP up 17% to QAR 5.7 billion.
Additionally, regulatory reforms by the Qatar Central Bank are fostering a digital, efficiency-focused reinsurance environment.
The UAE is one of the most dynamic hubs in the Middle East, with AED 64.8 billion in GWP in 2024 (+21% YoY). The DIFC alone generated USD 3.5 billion in re/insurance premiums, underscoring demand for digital risk platforms.
“With this strategic expansion, Policybazaar reinforces its ambition to blend Indian insurtech expertise with global reinsurance ecosystems, empowering insurers across Asia and the Middle East to navigate complex risks with clarity, transparency, and speed,” the firm stated.
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