Munich Re to open reinsurance branch office in Mumbai
Posted on:05 Jan 2017 09:31:50
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05 January 2017 Current Affairs: Munich Re is opening a composite branch office in Mumbai to service the property-casualty, life, health reinsurance markets across the country.
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.
The reinsurer is present in the Indian market since 1950s. It has worked with insurers and large corporate clients, providing technical expertise and management solutions.
This set-up will allow Munich Re to combine its solution-based global expertise with local underwriting experts’ understanding of the market.
Munich Re is present in life and property casualty reinsurance business. It has joint venture in the general insurance segment -HDFC Ergo and health insurance in the form of Apollo Munich Health.
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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