The UK and Indian governments have met to discuss financial market cooperation, with reinsurance emerging as one area where the two countries see potential for closer ties.
The discussions took place at the fourth UK-India Financial Markets Dialogue (FMD) in London on 29 September 2026. HM Treasury, the UK government department responsible for managing the UK’s public finances and economic policy, hosted the discussions alongside India’s Ministry of Finance. Senior officials and financial services regulators from both countries also took part.
A key focus for the insurance sector was the potential for greater cooperation between the London Market and Indian insurers and reinsurers, particularly as India’s regulatory framework continues to evolve.
The two governments discussed their respective insurance and pensions reforms, as well as wider market opportunities. The UK outlined recent changes to its insurance regulatory framework under its Financial Services Growth and Competitiveness Strategy, while India outlined its ambitions to expand insurance coverage, investment and market capacity.
HM Treasury and India’s Ministry of Finance also recognised the importance of competitive and resilient insurance markets, specialist expertise, diverse pools of capital and reinsurance capacity in managing complex risks and supporting long-term domestic development.
The focus on reinsurance comes as India continues to develop its insurance market and regulatory framework. For the London Market, which has a significant international role in specialist insurance and reinsurance, closer links with Indian insurers and reinsurers could create opportunities for greater cross-border cooperation and access to expertise and capacity.
The UK and India also discussed pensions regulation, governance, coverage and long-term savings. Both sides agreed to explore further knowledge sharing in areas that align with their domestic priorities.
Financial market cooperation extended beyond insurance. The dialogue covered capital markets, asset management, sustainable finance, fintech and innovation, with both countries reaffirming their ambition to support sustainable economic growth, resilient financial markets and greater bilateral trade and investment.
On capital markets, the discussions included opportunities to increase cross-border investment and improve Indian companies’ access to international capital, including through equity and bond listings via Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC).
The two sides also considered asset management regulation and the potential for increased cross-border investment. Discussions included the internationalisation of the Indian rupee, with London’s position as a leading offshore rupee trading hub also recognised.
Fintech and artificial intelligence were another area of discussion. India shared its experience of expanding fintech adoption and financial inclusion through digital public infrastructure, including digital identity, digital payments, central bank digital currencies and data exchange frameworks. The UK and India also considered the opportunities and risks associated with AI in financial services, alongside issues including financial fraud, cyber security, data protection and operational resilience.
The meeting forms part of broader efforts to strengthen economic and financial links between the UK and India. HM Treasury and the Indian Ministry of Finance also highlighted the launch of Vision 2035 and the implementation of the UK-India Comprehensive Economic and Trade Agreement, which entered into force on 15 July 2026.
Both governments agreed to continue work across the financial services areas discussed, with progress to be reviewed through existing bilateral mechanisms and at the next UK-India Economic and Financial Dialogue.
