The Insurance Regulatory and Development Authority of India (IRDAI) has received two new applications for the establishment of a general insurer in the region, one coming from a health insurance company and the other from a global reinsurance company.
Speaking to the Press Trust of India, IRDAI non-life member P J Joseph said that “as of now there are two applications for new general insurers, one reinsurer and a standalone health insurance company pending with us.”
Global reinsurers Munich Re, Swiss Re, SCOR, XL Catlin, Reinsurance Group of America (RGA) and Hannover Re have all received R3 approval from the IRDAI to establish a regional branch, alongside local reinsurance firm ITI Reinsurance and also the specialist Lloyd’s of London re/insurance market.
And now, the IRDAI has confirmed that another global reinsurer is awaiting approval to establish a regional branch, although the name of the company was not disclosed.
