Asia-Pacific Insurance M&A & Broker Consolidation: India’s Surge in Claims and Growth

The recent sale of UIB International’s minority share in its Indian insurance broking business to Edme Services/Samara Capital (with existing majority shareholders Indorama SPL Group and Lucas & Mayo) marks a strategic shift: local private equity is consolidating control under management continuity. While the exact transaction valuation was not publicly disclosed, this move aligns with broader investor confidence driven by accelerating M&A, ever-increasing insurance claim activity, and the explosive growth prospects in India’s insurance broking sector.

The WTW Quarterly Deal Performance Monitor for the first half of 2025 shows Europe and Asia-Pacific leading global M&A momentum. European acquirers outperformed their indices by +9.4pp for large deals, reversing underperformance from 2024. Asia-Pacific delivered +3.9pp and a 45% year-over-year increase in deal volume (69 to 100) driven particularly by China’s surge (12 to 33 large transactions). This trend underscores the shifting balance of M&A activity toward Asia and Europe, with North America lagging in both deal volume and relative performance.

Aon’s 2025 claims study reveals that 2024 was a record-breaking year for M&A-related insurance claims. Global payouts reached $1.75 billion, with North America accounting for over $300 million and India-based risks contributing significantly to Asian-region claims—over 30%. Key breach triggers include material contracts, tax, legal compliance, financial statements, and licensing. Moreover, nearly half of North American claims relate to post-close notifications filed after more than 12 months, indicating longer-tail exposure across jurisdictions.

In India, institutional and regulatory tailwinds are supporting growth but structural challenges remain. Premiums grew to ₹11.2 lakh crore in FY24, with life and non-life segments growing, yet overall penetration (3.7%) and density remain below global benchmarks. Brokers remain concentrated—735 licensed brokers with top 36 accounting for ~85% of revenue—implying opportunity for consolidation, scale investments, and digital/distrubutive expansion. Provisions like 100% FDI, easing constraints, and demand from MSMEs and underserved markets suggest that broking firms like UIB India (post sale) are positioned for outsized growth.

Strategic implications: acquirers and insurers must factor in longer claims notification periods, rising complexity of breach types, and heightened premiums for deal risk insurance. For Indian brokers, success hinges on managing regulatory compliance, technology adoption, and leveraging distribution in semi-urban/rural geographies. Open questions include valuation multiples under evolving risk profiles, claims leakage from delayed notifications in emerging markets, and how foreign reinsurance participation (expected to surpass 50%) will impact cost and availability of insurance cover.