Indian Authorities grant approval to a number of foreign and domestic reinsurers

Numerous foreign and domestic reinsurers have been given approval by the Indian authorities to set up operations in the country. The Regulatory and Development Authority of India (Irdai) said that the decision was made as it looks to increase competition in the market. Approval for branch offices within the Indian non-life insurance market were given to Swiss Re, Hannover Re, Reinsurance Group of America, Munich Re and India’s first domestic private reinsurer, ITI Re. The value of India’s non-life market is thought to be in the region of $12.9bn. The market is presently occupied largely by the state owned reinsurer GIC Re and competition in the segment is small. With these new approvals the Indian Government hopes to increase competition and the quality of service offered in the sector.