Policybazaar for Business expands into Sri Lanka, Qatar, Oman, and UAE with tech-led reinsurance model

Tarun Mathur

Policybazaar for Business, the B2B arm of Policybazaar.com, today announced the launch of its reinsurance operations in Sri Lanka, Qatar, Oman, and the UAE. 

With this step, it becomes one of the first India-based intermediaries to take a technology-driven reinsurance model to international markets, addressing efficiency and capacity gaps in some of Asia and the Middle East’s most dynamic insurance ecosystems.

Built on a digital-first foundation, Policybazaar for Business’ reinsurance arm leverages proprietary data analytics, actuarial insights, and over a decade of distribution expertise to deliver faster, more transparent facultative and treaty placements. The platform supports insurers across property, marine, liability, cyber, and climate-linked risks, bringing sharper underwriting discipline and speed to portfolios that have traditionally been underserved.

Policybazaar Co-founder Tarun Mathur said: “Reinsurance, for too long, has operated in a way where scale and legacy networks outweighed clarity and innovation. But the world insurers now operate in is fundamentally different. They face climate volatility, systemic cyber threats, and heightened economic uncertainty – all at once. In this environment, what they need from their partners is not just capacity, but the ability to act on data, to see risks in sharper resolution, and to move with speed.

“At Policybazaar for Business, we’ve built a reinsurance platform with that very premise: a digital-first ecosystem that reduces friction, provides transparency in placements, and gives insurers the ability to make faster, better-informed decisions. Sri Lanka, Qatar, Oman, and the UAE are all markets where insurers are ambitious, where innovation is welcome, and where efficiency gaps remain. Our role is to stand shoulder to shoulder with these insurers – helping them transfer risk in a way that is modern, data-led, and globally connected. This is not just an entry into four new geographies; it is the start of building a pan-Asian reinsurance network with technology at its core,” he added.

Market snapshots

Sri Lanka: The industry’s Gross Written Premiums (GWP) reached Rs. 280.1 billion in 2023, a 39.6% increase since 2019. Growth momentum has carried into 2024, with players such as LOLC Life posting ~56% YoY GWP growth in Q3 2024. Yet, specialist lines such as cyber liability remain nascent, underscoring demand for modern capacity solutions.

Oman: The Sultanate’s listed insurers reported OMR 609 million in revenues in 2024, up from OMR 561 million in 2023. Conventional insurers alone saw +8% YoY growth. Oman re posted OMR 49.9 million reinsurance revenue (+19%), GWP 56.1 m (+21.4%), and net profit OMR 3.0 million (+18%) in 2024. Meanwhile, the rollout of mandatory health insurance (Dhamani) is expected to increase capacity needs and drive product innovation.

Qatar: The market is experiencing rising reinsurance activity as insurers diversify beyond energy and infrastructure into health, cyber, and specialty lines. QIC, for example, grew H1 2025 GWP by 17% to QAR 5.7 billion. Regulatory oversight by the Qatar Central Bank, including strengthened capital and solvency requirements and new digital-insurer frameworks, is driving demand for more efficient facultative and treaty placements.

UAE: One of the most dynamic insurance hubs in the Middle East, the UAE recorded AED 53.4 billion in GWP in 2023, which rose to AED 64.8 billion in 2024 (+21.4% YoY). DIFC alone generated ~$ 3.5 billion in (re)insurance premiums in 2024 (+35%), consolidating Dubai’s position as a regional reinsurance hub. Local insurers are increasingly seeking digital, transparent, and data-driven platforms to manage complex risks spanning health, cyber, and liability.

With this strategic expansion into Sri Lanka, Qatar, Oman, and the UAE, Policybazaar for Business underlines its intent to build a pan-Asian and Middle Eastern reinsurance presence, embedding its insurtech DNA into ecosystems where insurers need both capacity and clarity in navigating today’s complex risk landscape.