Swiss Re, the world's second-largest reinsurer, has received a license to open a branch in India. The company expects the market to expand by an average 8 percent through 2025.
Swiss Re in February will open a branch in Mumbai in February 2017, the company said in a statement today. The Swiss company has received the authorization by the Insurance Regulatory and Development Authority of India.
Swiss Re is one of five foreign reinsurance companies to receive a license to offer its services in India. The Zurich-based company in India so far was present through Swiss Re Global Business Solutions in Bangalore, the country's third-largest city.
Broad Product Range
Swiss Re plans to offer reinsurance products in the life, non-life and health-insurance sectors. It expects annual growth rates of 8 percent in the years from 2017 through 2025 in India. Kalpana Sampat (pictured left) will manage Swiss Reinsurance Company, India Branch. She was managing director at Swiss Re Services India Private.
Before joining the Swiss company in June 2015, Sampat worked for Prudential.
