Policybazaar expands global footprint with tech-led reinsurance entry into Sri Lanka, Qatar, Oman, and UAE

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. Tarun Mathur, Cofounder and CBO, Corporate Insurance & Reinsurance, Policybazaar, said: "Reinsurance has long...

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."

Rising Regional Opportunity

Sri Lanka: Industry GWP reached LKR 280.1 billion in 2023, up 40% since 2019, with specialist lines like cyber insurance still nascent—indicating strong demand for modern reinsurance capacity.

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.

Qatar: The market is diversifying beyond energy into health and specialty risks, with QIC's H1 2025 GWP up 17% to QAR 5.7 billion. Regulatory reforms by the Qatar Central Bank are fostering a digital, efficiency-focused reinsurance environment.

UAE: 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.

Photo: https://mma.prnewswire.com/media/2813027/POLICYBAZAAR_Tarun_Mathur.jpg
Logo: https://mma.prnewswire.com/media/2689166/5600659/Policybazaar_Logo.jpg

 

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/policybazaar-expands-global-footprint-with-tech-led-reinsurance-entry-into-sri-lanka-qatar-oman-and-uae-302604038.html