Reinsurers plunge into India seeking growth
Saturday, 10 15 2016, Category: Insurance and Reinsurance, Country: India
As India opens its market to international reinsurers, major foreign players are applying for licences to take advantage of the country’s strong growth potential. But they will encounter a fairly soft market with prices likely to depreciate further due to the additional inflow of capacity, and a paramount state-run competitor, experts believe.
India’s regulator amended the Insurance Act 1938 in 2015, allowing foreign reinsurers to open branch offices in the country.
Reinsurers hoping to receive a licence to operate in India from 2017 include Munich Re, Swiss Re, SCOR Re, Hannover Re, RGA (Reinsurance Group of America) and Berkshire Hathaway’s reinsurance unit Gen Re, according to news reports.
Source: Intelligent Insurer