Swiss Re has received the approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in Mumbai. With the composite branch license, Swiss Re will be able to operate in India and offer both non-life and life and health reinsurance solutions directly to clients and brokers in the country.
As the Indian insurance sector is poised for strong growth with an average annual growth rate of 8 percent from 2017 to 20251, Swiss Re is among the first five foreign reinsurance companies to obtain a license to sell reinsurance in India. Swiss Re’s newly licensed entity, Swiss Reinsurance Company Ltd., India Branch, will begin its operation effective from Feb. 1, 2017.
“This is a significant milestone for us. As a reinsurer, Swiss Re has served Indian insurers for over 87 years,” commented Jayne Plunkett, Swiss Re’s chief executive officer, Reinsurance Asia.
“Our new India branch, together with Swiss Re Global Business Solutions centered in Bangalore, represent our commitment and investment in India’s long term future, and our ambition to be part of this dynamic high growth market,” added Plunkett.
“We will continue to be actively involved in supporting the development of the Indian insurance market and making India’s society more resilient. Our clients and partners will benefit from a combination of innovative, customized risk transfer and capital management solutions, as well as our knowledge transfer and risk services support and delivery,” Plunkett went on to say.
Kalpana Sampat, currently managing director of Swiss Re Services India Private Ltd., will head the Swiss Re India branch as its CEO. She will be responsible for developing the reinsurance business and operations of the branch. She brings with her 30 years of life insurance industry expertise with experience in insurance, audit and law, and has a profound understanding of the business culture.
“India is a high growth market for Swiss Re and we are committed to the healthy and sustainable growth of the insurance market here,” said Sampat. “With Swiss Re’s global experience, strong financial ratings, large net capacity, deep insight and proven underwriting knowledge, we have a strong value proposition for India and will generate significant value to our clients and partners in the market.”
Source: Swiss Re
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