Five reinsurers secure approval to begin writing business in India
Five global reinsurers have secured a final licence from the Insurance Regulatory and Development Authority of India (IRDAI) to commence business operations in India.
IRDAI has granted R3 authorisation to give Hannover Re, Reinsurance Group of America (RGA), SCOR Global, Munich Re and Swiss Re direct access to the country’s growing insurance market.
German reinsurer Hannover Re will write property/casualty and life and health reinsurance from a registered office in Mumbai.
"I am delighted about the opening up of the Indian market for re/insurers. The establishment of our branch means that we can now be even closer to our customers and respond more attentively to their reinsurance needs," said Ulrich Wallin, chief executive officer (CEO) of Hannover Re.
SCOR Global will write life and P&C reinsurance business from its India office from April onwards. The company noted that it has been working with Indian clients since 1973 and opened a liaison office in India in 2005.
"Receiving the R3 authorization from the IRDAI to establish a SCOR branch in India marks a milestone for the Group in terms of solidifying its presence in the country, where it has enjoyed strong business relationships for many years,” said Denis Kessler, chairman and CEO of SCOR.
“Our local team will be ready to provide business solutions to our Indian clients as of the 1 April 2017 renewals."
Alain Néemeh, RGA’s senior executive vice president, global life and health, said: “India is an important market for RGA, and we are excited for the opportunity to work more directly with our clients and continue our business growth through a licensed branch office.
“We look forward to expanding the range of services we offer insurers and developing customized reinsurance solutions for our partners throughout the region.”
Thomas Mathew, CEO of RGA India, added: “We believe the Indian insurance market has tremendous potential to grow. We look forward to supporting this growth through innovative products in life and health insurance.”
