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Jio-Allianz JV May Dent GIC Re Market Share

Financial Express Kochi

|

July 22, 2025

The competition in the ₹98,000-crore domestic reinsurance market will intensify with the proposed joint venture between Jio Financial and Allianz.

- NARAYANAN V

The arrival of a formidable entrant could put pressure on the market share enjoyed by state-run General Insurance Corporation of India (GIC Re), industry experts said.

Last week, Jio Financial Services, a unit of Reliance Industries, and Allianz Group, through its wholly owned subsidiary Allianz Europe BV, entered into a binding agreement to form a 50:50 reinsurance JV focused on India's high-growth insurance market.

The move comes at a time when GIC Re's dominance is somewhat under strain. Its share in the domestic reinsurance market had fallen from 74.2% in 2019 to 51% in 2023, as per GlobalData. During the same period, the combined market share of foreign reinsurers doubled to 49%.

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