“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

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“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

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“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”

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“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:

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