📈 BRICS Proposes Self-Reliant Insurance Ecosystem to Support Trade

• Key Initiative: BRICS nations have proposed building a self-reliant insurance ecosystem to bolster intra-BRICS trade and enhance cross-border reinsurance capacity. The proposal is outlined in the New Delhi Declaration 2026, adopted at the XVIII BRICS Summit (12-13 September 2026) held under the theme "Building for Resilience, Innovation, Cooperation and Sustainability". • Strategic Proposals: • Concept exploration for a voluntary shared platform called the BRICS Insurance Resilience Centre (BIRC) to exchange best practices, build specialist capabilities, and develop common risk models. • India proposed hosting a BRICS Risk Lab at Gujarat's GIFT City International Financial Services Centre (IFSC) for open member participation. • Enhanced collaboration among regulators, insurance firms, and reinsurance entities to address tightening global reinsurance capacity. • Market Outlook: DataCube Research projects the total BRICS insurance market to reach ~$1.82tn. Estimates indicate the market could expand to $3.45tn by 2034, driven by domestic insurers taking on more catastrophic and health risks.