Swiss Company Gets IRDA Approval in India

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

With the composite branch licence, Swiss Re will be able to operate in India and offer both non-life and life and health reinsurance solutions directly to clients and brokers in the country.

As the Indian insurance sector is poised for strong growth with an average annual growth rate of 8 per cent from 2017 to 2025, Swiss Re is among the first five foreign companies to obtain a licence to sell reinsurance in India.

Swiss Re’s newly licensed entity, Swiss Reinsurance Company, India Branch, will begin its operation from February 1.

Kalpana Sampat, currently Managing Director of Swiss Re Services India, will head the Swiss Re India branch as its Chief Executive Officer (CEO).

Founded in Zurich, Switzerland in 1863, Swiss Re serves clients through a network of over 60 offices globally.

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