Swiss Re to open India branch in February; names CEO

Swiss Re has confirmed that it has received the final approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a reinsurance branch in Mumbai.

The India branch will begin its operation effective from February 1, under the leadership of Kalpana Sampat, currently the managing director of Swiss Re Services India.

Sampat will head the Swiss Re India branch as its chief executive officer (CEO). She will be responsible for developing the reinsurance business and operations of the branch.

With the composite branch license, the company will offer both non-life and life and health reinsurance solutions directly to clients and brokers in the country.

"This is a significant milestone for us. As a reinsurer, Swiss Re has served Indian insurers for over 87 years," said Jayne Plunkett, Swiss Re CEO, Reinsurance Asia.

"Our new India branch, together with Swiss Re Global Business Solutions centered in Bangalore, represents our commitment and investment in India's long term future, and our ambition to be part of this dynamic high growth market.

"We will continue to be actively involved in supporting the development of the Indian insurance market and making India's society more resilient. Our clients and partners will benefit from a combination of innovative, customised risk transfer and capital management solutions, as well as our knowledge transfer and risk services support and delivery."

Sampat said: "India is a high growth market for Swiss Re and we are committed to the healthy and sustainable growth of the insurance market here. With Swiss Re's global experience, strong financial ratings, large net capacity, deep insight and proven underwriting knowledge, we have a strong value proposition for India and will generate significant value to our clients and partners in the market."

As the Indian insurance sector is poised for strong growth with an average annual growth rate of 8 percent from 2017 to 2025,  five global companies have so far obtained a license to sell reinsurance in India.

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