Hannover Re received approval, known as R3 authorization, to establish a branch in India from the Insurance Regulatory and Development Authority of India (IRDAI).
The opening up of the Indian market to foreign reinsurers enables Hannover Re to enjoy direct access to the country’s growing insurance market, the company said in a statement, noting that with this license, the company can commence underwriting property/casualty reinsurance (such as agricultural risks) and life & health reinsurance.
“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,” Hannover Re’s Chief Executive Officer Ulrich Wallin emphasized.
The registered office of the branch will be in Mumbai, India’s financial services center.
“Based on its very good capitalization and excellent rating, Hannover Re is a strong partner for customers in the Indian market that will put its know-how and long-standing expertise at their disposal,” the company said. “With a total population of some 1.3 billion, a rapidly growing middle class and a comparatively low insurance density relative to other national economies, India constitutes an attractive market of the future.”
With gross premium of around 17 billion euros ($17.8 billion), Hannover Re said it is the third-largest reinsurer in the world.
Source: Hannover Re
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