Brics eyes self-reliant insurance ecosystem, India proposes Risk Lab at GIFT City

Brics countries are looking to build a more self-reliant insurance ecosystem to support trade among member nations while exploring new mechanisms to strengthen reinsurance capacity, according to the New Delhi Declaration 2026.

The bloc said it recognised the need to harness the collective potential of Brics to develop an insurance ecosystem that can better support intra-Brics trade and strengthen financial resilience.

The New Delhi Declaration said members welcomed continued discussions on the concept of a Brics Insurance Resilience Centre (BIRC), a voluntary shared platform that could help develop common risk models, exchange best practices and build specialist capabilities.

“Building on the work of previous Chairships, we welcome continued discussions among interested members on exploring the concept of a BRICS Insurance Resilience Centre (BIRC) as a voluntary shared capability platform for developing common risk models, exchanging best practices and building specialist capabilities.”

The declaration said members had expressed interest in taking forward discussions on India’s proposal to host a Brics Risk Lab at GIFT City IFSC, with participation open to interested members.

The proposed Risk Lab could provide a platform for cooperation on risk assessment and insurance capabilities, while discussions will also focus on enhancing the bloc’s overall (re)insurance capacity.

The declaration said relevant stakeholders, including insurance regulators and reinsurance companies from Brics countries, could participate voluntarily in these discussions.

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The initiative comes as Brics seeks to strengthen its own economic and financial infrastructure and deepen trade and economic cooperation among member countries.