Markel Insurance has appointed Ravi Jain (pictured) as business development and distribution lead for India.

Based in Mumbai, Jain will work alongside brokers and other distribution stakeholders to identify new commercial opportunities and expand Markel’s footprint across India. He will report to Deepika Mathur, managing director of Markel India.

Jain brings more than 18 years of experience in India’s insurance and broking sector, having held roles in sales, underwriting, and reinsurance at organizations including HDFC ERGO and IndusInd General Insurance.

In addition to his India-focused responsibilities, Jain will contribute to shaping Markel’s broader international distribution strategy, Markel noted.

Mathur said Jain’s background makes him a strong fit for the role.

“Ravi’s robust experience and strong broker relationships make him a valuable addition to our team,” Mathur said. “His local expertise and dedication to service will be instrumental in advancing our strategic goals and supporting our partners and customers. We’re delighted to welcome him to Markel.”

Dan Martin, managing director of distribution strategies and business development, said local relationships are central to the company’s growth plans in the region.

“India’s market is shaped by strong personal relationships, and having leaders with local connections is key to unlocking new commercial opportunities,” Martin said. “Ravi’s experience and insight will help us deepen partnerships with our broker partners and other distribution stakeholders, supporting our continued profitable growth across the region.”

India’s insurance market opens wider to foreign players

The appointment comes as India’s insurance sector undergoes a significant regulatory overhaul in years.

In February 2025, India’s finance minister announced a proposal to raise the foreign direct investment limit in the insurance sector from 74% to 100%, a measure designed to attract global capital and deepen market competition. Parliament passed the legislation – the Sabka Bima Sabki

Raksha (Amendment of Insurance Laws) Act, 2025 – in December. The law also reduced net-owned fund requirements for foreign reinsurers from Rs. 5,000 crore to Rs. 1,000 crore.

The change marks the latest step in India’s gradual liberalisation of its insurance sector, which first allowed foreign investment at a 26% cap in 2000, raised it to 49% in 2015 and to 74% in 2021.

Industry analysts say the timing favours foreign insurers seeking to build relationships ahead of what is expected to be a sustained growth cycle.

Swiss Re, in a January report, forecast that India’s insurance market will grow at an annual rate of 6.9% in real terms between 2026 and 2030 – the highest among major markets it surveyed, outpacing China at about 4% and the United States at 2%. Health insurance is projected to grow 7.2% annually over the same period, while motor insurance is forecast to expand 7.5% per year.

Moody’s Ratings noted that total insurance premiums in India rose 17% in the first eight months of fiscal 2025, up from 7% growth recorded the previous year. The agency cited rising incomes, regulatory reform, and a government decision in September 2025 to exempt individual life and health policies from goods and services tax as key drivers of that momentum.

India’s reinsurance market, where Markel has operated since receiving a license from the Insurance Regulatory and Development Authority of India, stood at US$20.9 billion in 2025 and is projected to reach US$43.5 billion by 2034, according to research firm IMARC Group.