Strengthening of commitment to the Indian insurance market: Munich Re launches service company in Mumbai
By officially setting up a new service company, Munich Re India Services Ltd., Mumbai, Munich Re has strengthened and intensified long-standing business relations – some dating back to 1950 – with Indian insurance companies. Especially in life insurance, clients will be able to enjoy an even wider range of dedicated support services at local level.
Speaking at the official launch of the service company in Mumbai, Dr. Detlef Schneidawind, member of the Board of Management of Munich Re in charge of global life and health reinsurance, stressed the following: "India will profit greatly from further liberalisation and the continual opening of the insurance sector to international insurers and reinsurers, and our clients will benefit from our stronger presence in terms of a more intensive exchange of knowledge in the areas of risk management and product design."
Total premium volume for life insurance in India amounted to the equivalent of €13bn in 2003. Munich Re anticipates premium volumes in the life insurance market to rise in original currency by around 15-17% per year up to 2010 and envisages good prospects for growth and profitability in reinsurance business.
signed Schneidawind signed Küppers
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