Munich Re: Reinsurance branch office in Mumbai
Munich Re underlines the importance of the Indian market by opening a dedicated reinsurance branch office in Mumbai
Mumbai – In order to boost ties with its Indian clients, Munich Re is opening a composite branch office in Mumbai servicing the property-casualty (P&C), life and health reinsurance markets across the Indian subcontinent. This set-up allows Munich Re to combine its solution-based global expertise with local underwriting experts’ deep understanding of the market.
Munich Re is one of the first foreign reinsurers to receive approval for a dedicated branch in India following the 2015 amendment of the Insurance Bill. Munich Re has enjoyed a strong presence in the Indian market since the 1950s. The company has continuously engaged with insurers and large corporate clients, providing technical expertise and state-of-the-art risk-management solutions.
“With this set-up, the Group is in an excellent position to realise profitable growth potentials of this innovative insurance market, which is one of the fastest-growing in emerging Asia”, said Ludger Arnoldussen, member of the Board of Management responsible for Munich Re’s P&C business in Asia-Pacific. “With our new branch office, we are well prepared to become one of the leading reinsurers on the Indian subcontinent, supporting the growth of our clients and partners.”
With its reinsurance branch in Mumbai, Munich Re will be represented across all its business fields in India, namely life and P&C reinsurance, primary insurance (thanks to the HDFC Ergo joint venture), and health (Apollo Munich Health), consequently confirming Munich Re’s strong commitment in this region.
Joachim Wenning, Munich Re Board member responsible for life and HR: “With excellent growth opportunities, India’s life insurance market is an important pillar in our medium-term strategy. Our local presence and expertise, especially in solvency-related solutions, help us to offer individually structured programmes tailored to the needs of our clients and jointly realise the potential of this emerging market.”
Munich Re’s Economic Research unit estimates that real premium growth in emerging Asia will grow by 9.0% in P&C (annual average growth) and 10.1% in life until 2025. For India, expectations for P&C are even somewhat higher, at 9.2%.
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