France’s SCOR Group announced that it has obtained permission from the Indian regulatory authority (IRDA) to open a representative office in India, “with a view to strengthening and developing its activities in the Non-Life reinsurance field.”
SCOR believes there is a good potential market in the rapidly developing country, and that the “Indian insurance market will continue to expand rapidly.” The reinsurer intends to “contribute to this expansion by bringing its reinsurance skills and risk analysis expertise to the market,” said the announcement.
“The opening of this Indian office, in Mumbai, forms part of SCOR’s strategic development plans for rapidly growing markets on the Indian sub-continent and in the Asia-Pacific region, it continued. “The Group expects to increase its written premiums on the Indian market by 20 percent from 2005.”
Mr. Santhana Gopalan (54) with a chemical engineering background, has been appointed Manager of the new representative office. “He previously held various positions at ARIG [Bahrain-based Arab Insurance Group, which includes ARIG Re], which enabled him to gain a wide experience in both Facultative and Treaty underwriting, mainly on the Middle Eastern and Indian subcontinent markets,” said the announcement. He became Deputy General Manager of ARIG in 1997, and was responsible for underwriting and claims.
SCOR also noted that Asia-Pacific and the Indian subcontinent “currently represent one fifth of Non-Life reinsurance premiums collected by the SCOR Group. SCOR currently has seven subsidiaries and representative offices on these markets in Singapore, Hong Kong, Tokyo, Seoul, Sydney, Labuan (Malaysia) and Beijing.”
Topics Reinsurance
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