In an interview with IANS, Anil Kumar Aggarwal, Managing Director...
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“We have initiated steps to obtain a Branch License in Qatar’’
LIC International enjoys niche market position with NRIs and strong brand connect due to its parent LIC of India. Because of this unique position, attractive product propositions it enjoys market leadership position in Bahrain and emerging as a major life insurance player in individual assurance in UAE.
“JLT Independent has premium placements exceeding Rs 1000 cr in a span of three years’’
Employee Benefit insurance market in India for India placed programs will be around Rs 20,000 cr.Group Health will be the largest segment in EB followed by Group Personal Accident and Group Term Life.Increasing number of corporates are buying employee benefits programme to keep up their benefits offerings with their peers and emerging needs of the workforce
“Market conditions are very tough in the Indian general reinsurance business”
Gen Re, a member of the Berkshire Hathaway,run by its famous Warren Buffet, has kicked off its operations in India after receiving the final licence from Insurance Regulatory and Development Authority of India (IRDAI).
Three of its functionaries- Winfried Heinen, Chairman of the Executive Board of Directors of General Reinsurance AG, Rainer Schurmann, managing director, Property & Casualty, Treaty Asia,Venkatesh N Chakravarty, chief executive officer, India, outline the reinsurer’s strategies for Indian market
“China and India have seen growth in the demand for liability insurance”
Markel International is a subsidiary of $25.8 billion Markel Corporation, a US-based holding company and operates across the Asia Pacific region. The company has plans to venture into India
“For acquisition,we will look at opportunities which are good in pricing’’
“We have decided not to be so aggressive in the group fund management business segments,and hence we will be focusing more on individual rated business. The group fund management business segments are like term deposits for one year and where you need to pay interest every year”Sanjeev Nautiyal,MD & CEO, SBI Life
Edited Excrpts
“International reinsurers have taken a cautious stance & we have not seen an increase in competition in an already competitive Indian market”
French major SCOR has set up its reinsurance branch in India. Outlining the company’s Indian strategies, in an exclusive interview with Asia Insurance Post, he says, this is an exciting time for (re)insurers in Asia and in India in particular, with rapidly expanding markets and an extremely dynamic environment.We expect the P&C Indian insurance and reinsurance markets to continue growing at a pace of 15 pc per annum in the medium to long term. Edited Excerpts
“India is set to become the first and the only country to have a plan and strategies to reduce natural calamities losses’’
“The rapid and unplanned expansion tends to increase vulnerabilities in an event of natural calamity which together with low insurance penetration, leads to the large protection gap between economic and insured losses that could be as high as 80-90% or more. All these factors contribute to a situation where natural disasters seriously threaten India’s economy and growth, its population, environment and sustainable development”
“Customers have started buying/renewing policies online”
Indian general insurance industry is currently in an upswing mode. Players in the industry, after years of restricted growth, are gearing up to take advantage of the new opportunities in the sector. KG Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance, in an interview with Asia Insurance Post, outlines growth trends as well his company’s strategies to grow its business
Edited Excerpts:
“We certainly see India as one of high primary growth market with future growth potential across all segments of insurance”
Munich Re is the largest reinsurer in the world and has multi-pronged business exposures in India. It is one of the first reinsurers to set up branches in India.