Building a life between continents

After years in some of Asia’s most dynamic insurance markets, Himanshu Upadhyay made a decision that was as deliberate as it was unusual. Rather than settle into an established expatriate community, he chose to build a life in Luxembourg on his own terms – starting in a small village without a local Indian network.

Originally from Uttar Pradesh in northern India, Upadhyay has now lived for five years in a village in Kehlen with his wife and two children. His choice of location was intentional: “to be forced to integrate more quickly by learning the local culture and language.” It reflects a longer-term view. “We are here for the long term,” he says, framing Luxembourg not as a temporary assignment, but as a base.

That decision sits alongside a demanding international role. Upadhyay is Head of Product and Partnership for Global Health, part of the Luxembourg insurance group Foyer, and since 2024 has also served as president of the Indian Business Chamber of Luxembourg (IBCL). The latter is a voluntary role, but one he treats as an extension of his professional trajectory; working to strengthen economic ties between India and Luxembourg as what he describes as a “fair return” to the country.

For Upadhyay, Luxembourg was not a departure from his international career, but a continuation of it in a different form. Before arriving, he had spent six years in Singapore with Munich Re-ERGO, leading the commercial expansion of multiple business lines across Asia-Pacific and overseeing digital transformation initiatives. The move from Singapore to Luxembourg, he explains, was a logical progression: “My move to Luxembourg was a natural next step, enabling me to operate from one of Europe’s leading financial centres while continuing to work in a strongly international and cross-border insurance environment. Luxembourg’s highly international environment, very similar in spirit to Singapore, made the transition relatively smooth for both my family and myself.”

The comparison between the two financial centres remains central to his perspective. Both are international, both attract diverse workforces, and both operate to high professional standards. The differences are structural. “For an employee moving from Singapore to Luxembourg, the transition is less about professional capability and more about adjusting expectations around pace, communication, and balance between work and personal life.” In Luxembourg, he points to a more structured approach to work-life balance and employee protection, reflecting a model that supports long-term workforce stability, in contrast to Singapore’s faster-paced, more hierarchical environment.

Upadhyay’s move to Luxembourg was tied to a specific mandate: to turn around a long-standing international health insurance entity that had struggled to reach profitability. The assignment followed a difficult period. During the Covid pandemic, he lost both his mother and his brother within a month, and was unable to return to Singapore for six months due to lockdown restrictions. At the same time, the travel insurance division he had been leading was discontinued. He was offered a choice: remain in Singapore in a different role, or relocate to Luxembourg to take on the turnaround. He chose Luxembourg.

Two years later, the entity had become profitable. The business was subsequently acquired by Foyer and integrated into its Global Health division. Upadhyay remained, opting to continue his career in Luxembourg rather than return to Germany with his previous employer. He notes that while Foyer is deeply rooted in the local economy, its operating culture reflects Luxembourg’s international workforce: “Global Health brings together professionals from more than 25 nationalities, making it a genuinely Made-in-Luxembourg yet international insurer. While the group has strong local roots, the culture in practice is open, global and inclusive.”

Alongside his corporate role, Upadhyay has taken on a more outward-facing function through the IBCL. His focus is on positioning Luxembourg more clearly within India’s business community and strengthening bilateral flows. “Luxembourg is not yet widely known among the general public in India, but awareness of the Luxembourg brand is steadily increasing, particularly within business and professional circles. Enhancing this visibility is also a key ambition of IBCL.”

His work reflects a broader trend. Luxembourg’s Indian community has grown rapidly, now numbering around 6,500 people. While historically associated with the steel industry, the profile of this community has shifted significantly. “In Luxembourg, our expertise is very logically associated with the steel sector. But the reason so many of my compatriots live here is mainly due to internal transfers within the Big 4 and the appeal of the major tech companies present here,” he explains. More and more Indian students are also joining the University of Luxembourg. The community’s share of the population has tripled in less than a decade, reaching around 1%, with continued growth expected.

Upadhyay’s career began in India, where he built his expertise during the liberalisation of the insurance sector. After completing an MBA in Mumbai, he joined the AIG–Tata joint venture in 2004, before moving to Munich Re and later helping establish AXA Partners’ operations in India. That trajectory, across India, Asia-Pacific and Europe, now converges in Luxembourg. By choosing to integrate locally, remain long-term and build outward connections, he reflects a model that Luxembourg increasingly relies on: international professionals who treat the country not as a posting, but as a base for sustained activity.