Lockton has appointed Renuka Nar as director and head of life and health reinsurance in India, as the privately held brokerage moves to build out its reinsurance capabilities in one of the world's fastest-growing insurance markets.
Nar brings more than 24 years of experience across insurers, reinsurers, and broking organizations. She holds the FLMI, ARA, and ACS professional designations.
In her new role, Nar will report to Sudip Indani and lead Lockton's life and health reinsurance practice in India, with a remit covering client partnerships, market development, and expanding the firm's reinsurance capabilities in the region.
Lockton is a relatively new entrant to the Indian market. The firm entered India in January 2024 through the IRDAI-approved acquisition of Arihant Insurance Broking Services Limited, a brokerage founded in 2009.
A company spokesperson at the time called the move "Lockton's largest investment in the Asia region."
The firm has scaled quickly since, with India country head and CEO Dr. Sandeep Dadia leading the build-out. Victoria Edwards, Lockton's regional HR head for Asia, said in 2024 that the company was targeting more than 150 employees within its first year of operations.
Nar's appointment follows the recent hiring of Subhash Chandra as head of life and health reinsurance for People Solutions, Asia, effective February 9. Based in Singapore and reporting to Cedric Luah, Chandra is responsible for developing Lockton's life and health reinsurance business for insurers across Asian markets.
He brings more than 18 years of experience, having previously held positions at Munich Re, Aon Reinsurance Solutions, and Pacific Life Re.
India's reinsurance market reached US$19.2 billion in 2024 and is projected to hit US$41.5 billion by 2033, growing at a CAGR of 8.92%.
Yet the opportunity remains largely untapped. Insurance penetration in India stood at just 3.7% in the 2025 fiscal year – roughly half the global average of 7.3% - while per capita insurance spending was US$97, a fraction of the global figure of US$943.
A Swiss Re Institute analysis published in January projected that Indian life insurance premiums will grow at 6.8% annually over 2026–2030, driven by widening distribution networks and rising demand for retirement products. Health insurance growth is expected to be even stronger, at 7.2% per year over the same period.
Regulatory tailwinds have added to the momentum. India's government has proposed raising the foreign direct investment cap in insurance to 100%, up from the current 74%.
