Since 1951, when we wrote our first reinsurance contract in India, Munich Re has been systematically increasing engagement with the country’s different market segments. In addition to reinsurance business with insurers and industrial companies, our ongoing activities include primary insurance (HDFC Ergo joint venture) and health (Apollo Munich Health). Our strong footing in India also allows us to help realise innovative potential. As a market with still low insurance penetration of 3.9% compared to the worldwide average of 6.3% (2013 figures cited by The Times of India), the country offers room to introduce future-oriented concepts and approaches, in line with Munich Re’s strategic focus on innovation.
“The new branch places us in an excellent position to support growth potential and innovation in India’s insurance market”, says Ludger Arnoldussen, member of the Board of Management responsible for Munich Re’s P&C business in Asia-Pacific. “We are well prepared to become a leading reinsurer on the Indian subcontinent.”
Munich Re’s well established expertise in capital management solutions represents a further source of potential, especially in life business. India’s insurers can rely on us for in-depth financial consulting as well as solid capacity. As Joachim Wenning, Munich Re Board member responsible for Life and HR, puts it, “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.”