Mumbai, Jan. 19 -- M. Nagaraju, Secretary, DFS, while addressing the 3rd Edition of the IFSC-IRDAI-GIFT City Global Reinsurance Summit in Mumbai, noted that India stands at the cusp of transformative growth in its reinsurance sector. He opined that Indian insurance sector, an integral part of the financial system, plays a significant role in the economy by providing protection against mortality, property and casualty risks, encouraging savings, and providing long-term funds for infrastructure development and other long-gestation projects. During FY 2024-25, the sector issued 41.84 crore policies, collected premiums of Rs 11.93 lakh crore, paid claims of Rs 8.36 lakh crore, and reported assets under management of Rs 74.44 lakh crore as on ...