Willis eyes expansion in world’s largest and fastest growing economies
Willis Towers Watson (WTW) has acquired the remaining 51 percent shares from Anemone Holdings and Rohit Jain in WTW India that it doesn't currently own. The global broker sees “significant growth opportunities” in the underserved Indian insurance market.
WTW currently owns 49 percent of Willis Towers Watson India Insurance Brokers ( WTW India) and recent changes in regulation have made it possible for WTW to own up to 100 percent of WTW India.
“As one of the world’s largest and fastest growing economies, with an expected 17 percent growth rate in the non-life insurance market over the next five years, we see rising demand and opportunities for cyber, health and benefits, crop and surety insurance in the Indian market,” said Pamela Thomson-Hall (pictured), head of international at WTW.
Thomson-Hall believes the acquisition will enable the broker to further capitalise on the significant growth opportunities in this market and to better serve the rapidly evolving needs of its clients in India.
“The Covid-19 crisis has underscored the vital role of risk management and insurance in protecting and strengthening businesses and communities’ resilience to pandemic shock in emerging markets such as India,” she added.
“We are committed to the Indian market and see we can play a significant role to help raise the under-penetration of insurance and close the protection gap that the country needs.”
Jain, head of India WTW, said: “These are unprecedented times for humanity and businesses, especially the risks that confront both. Emerging forms of risks like climate change, pandemic, cyber threats and the growing health-wealth gap demand immediate and comprehensive solutions that address risk mitigation, incident response and compensation for loss.
“ WTW already has a significant presence in India and this acquisition is another important milestone towards bringing our clients the best-in-class products and solutions, technology and unprecedented insight for sound risk-based decision making.”
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