The Insurance Regulatory and Development Authority of India (IRDAI) has given Swiss Re approval to open a branch in Mumbai, making it among the first five foreign reinsurers to operate in India.
The Mumbai branch will be effective from February 1st, enabling Swiss Re to offer both non-life and life and health reinsurance solutions directly to clients and brokers across India, where the insurance sector is expected to see an average annual growth rate of 8 percent from 2017 to 2025.
Swiss Re Chief Executive Officer Reinsurance Asia, Jayne Plunkett, said; “This is a significant milestone for us. As a reinsurer, Swiss Re has served Indian insurers for over 87 years.
“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.”
Plunked added that Swiss Re would actively support Indian insurance market growth and make Indian society more resilient; “Our clients and partners will benefit from a combination of innovative, customised risk transfer and capital management solutions, as well as our knowledge transfer and risk services support and delivery.”
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) and will be responsible for developing the reinsurance business and operations of the branch.
Sampat commented; “India is a high growth market for Swiss Re and we are committed to the healthy and sustainable growth of the insurance market here.
“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.”