company is currently negotiating with L&T for a joint venture.
Hannover, the third largest global reinsurer, has a collaboration with Hannover Re for developing life reinsurance business. Ulrich Wallin, CEO, Hannover said the company already has a portfolio of around euro 60-70 million.
“India is an interesting market. We have grown our business in certain pockets. The premiums are sufficient enough to cover the losses. We will be seriously considering to set up a branch if we allowed to do so. Like China, if we are allowed to open a branch India, we will look at that possibility,” Wallin said. “It will help us doing business in a much better way. We can employ the local underwriters, and others from Indian market to do our business. It will also help developing reinsurance market in India.”
The Catlin Group, the largest Syndicate in the Lloyd’s market, has a representative office in Mumbai which was opened three years ago. “We have done Indian business in London. India is much behind China’s infrastructure and its insurance industry is behind in comparison with other emerging nations. It has to do a lot of catching up,” said Stephen Catlin, CEO, Catlin Group.
Is it easy for an non-Indian to do business in India? The answer is no. Unlike other places, insurance giants are not allowed to have any control over the business interest. That is an impediment to free trade.
* The Insurance Laws (Amendment) Bill, 2008 has a provision that will allow foreign reinsurers to set up branches in India
* With the passage of the bill delayed, reinsurers are getting ready to enter India first through their offshore branches
* For reinsurance giant Munich Re, more than euro 1 trillion in
additional premiums would be generated in Asia by 2020, with China and India contributing