Munich Re Launches Indian Service Company

Munich Re has established a new service company, Munich Re India Services Ltd., Mumbai, aimed at strengthening and intensifying “long-standing business relations – some dating back to 1950 – with Indian insurance companies.”

Speaking at the official launch of the service company in Mumbai (Bombay), Dr. Detlef Schneidawind, member of the Board of Management of Munich Re in charge of global life and health reinsurance, stressed the following: “India will profit greatly from further liberalization and the continual opening of the insurance sector to international insurers and reinsurers, and our clients will benefit from our stronger presence in terms of a more intensive exchange of knowledge in the areas of risk management and product design.”

The bulletin noted: “Total premium volume for life insurance in India amounted to the equivalent of 13 billion euros ($16 billion) in 2003. Munich Re anticipates premium volumes in the life insurance market to rise in original currency by around 15-17 percent per year up to 2010 and envisages good prospects for growth and profitability in reinsurance business.”