Wholesale reinsurance provider Swiss Re today said it has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in the city.
With the composite branch licence, 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, the company said in a release here.
"This is a significant milestone for us. As a reinsurer, we have served Indian insurers for over 87 years. Our new India branch, together with Swiss Re Global Business Solutions centred in Bengaluru, represents our commitment and investment in India's long-term future, and our ambition to be part of this dynamic high growth market," said Swiss Re Chief Executive Officer Reinsurance, Asia, Jayne Plunkett.
As the Indian insurance sector is poised for strong growth with an average annual growth rate of 8 per cent from 2017 to 2025, Swiss Re is among the first five foreign companies to obtain a licence to sell reinsurance in India.
Swiss Re's newly licensed entity, Swiss Reinsurance Company, India Branch, will begin its operation from February 1.
"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, customised risk transfer and capital management solutions, as well as our knowledge transfer and risk services support and delivery," Jayne added.
Kalpana Sampat, currently Managing Director of Swiss Re Services India, will head the Swiss Re India branch as its Chief Executive Officer (CEO).
"India is a high growth market for us 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," Sampat said.
Founded in Zurich, Switzerland in 1863, Swiss Re serves clients through a network of over 60 offices globally.
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