With its headquarter in Paris, globally, Allianz Partners is an re/insurance company that offers health, life, automotive, and travel services. It also provides liability insurance for rental cars, travel delay, hotel cancellation, and business trips
Gandhinagar/GIFT City:
The GIFT City(The Gujarat International Finance Tec-City), India’s first International Financial Services Centre(IFSC), has for the first time got a full fledged foreign reinsurance player in this special economic zone(SEZ) for financial services.
The International Financial Services Centre Authority (IFSCA), a unified regulator for international financial services with a mandate to develop and promote India as a global financial hub, has granted license to Allianz Partners, one of the group companies of multinational re/insurer Allianz, to set up its operations in the GIFT City.
Though, one of the outfits of French major AXA was given a license prior to Allianz Partners, to do business in the GIFT City, it never started its operations and now is keen to exit Indian markets.
Allianz Partners is already presence in India and is being headed by Charu Kaushal but doesn’t do any direct re/insurance business in the country.
One of Allianz Partners’ lines of business and its operating brand in India, Allianz Assistance provides customers with a wide range of services, from roadside assistance (RSA), health assistance, home assistance, and travel assistance, amongst others.
After setting up operations in GIFT City, Allianz Partners can sell reinsurance products to Indian and foreign insurers by accepting premium paid in US dollars.
Another Allianz concern, AGCS, is already present in India as Foreign Reinsurance Branch(FRB) and Allianz also does Indian reinsurance business offshore through its reinsurance outfit-Allianz Re. Besides, Allianz has two joint venture with Bajaj Finserv- Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance in the country.
Many Indian life and non-life insurers, have already set up operations in the GIFT City for targeting Indian overseas diaspora and many are planning to apply for licenses.
Among the reinsurers, only state owned GIC Re is present in the GIFT City and runs its Middle East operations, which was in Dubai, from the territory.
With its headquarter in Paris globally, Allianz Partners is an insurance company that offers health, life, automotive, and travel services. It also provides liability insurance for rental cars, travel delay, hotel cancellation, and business trips.
Allianz Partners is a private company headquartered in France In the US, the company has a notable market share in at least one industry: Travel Insurance, where they account for an estimated 9.5% of total industry revenue.
With commercial activities extending across 76 countries, it has an estimated 19,800 employees.
Fostering a more conducive business environment and attracting a greater number of reinsurers to establish operations in India, insurance regulator IRDAI recently approved a series of amendments to the Reinsurance Regulations, bringing about cohesion and simplification in the prevailing regulatory framework, applicable to Indian insurers, Indian reinsurers, Foreign Re-insurance Branches (FRBs), and IFSC Insurance Offices (IIOs).
The order of preference, which was earlier encompassed six tiers, has now been streamlined and simplified to a more efficient four-tier structure and IIOs registered in GIFT City and FRBs are at par under Category 2 below Indian Reinsurer subject to certain conditions.