Swiss reinsurance company Swiss Re, the world’s second-largest reinsurer, has received approval to open a branch in Mumbai. So what are the plans for the firm in the worlds second most populous nation?
The insurance giant has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in Mumbai.
With the composite branch licence, Swiss Re will now 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.
Huge Growth «Potential»
The firm is among the first five foreign reinsurers to receive a branch licence to operate in India and will move to open new India branch effective 1 February 2017.
As an underinsured country the Indian insurance sector is poised for strong growth with an estimated average annual growth rate of 8 percent from 2017 to 2025.
«This is a significant milestone for us. 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,» said Jayne Plunkett, (pictured) Chief Executive Officer Swiss Re Reinsurance Asia,.
Kalpana Sampat, currently Managing Director of Swiss Re Services India Private Ltd, will head the Swiss Re India branch as its Chief Executive Officer (CEO). She will be responsible for developing the reinsurance business and operations of the branch.
