New Delhi: Munich Re, world’s second largest reinsurer said on 17 September it plans to enter into both life and general insurance sector in the country.
“We are in talks with few companies for both life and non-life insurance,” Munich Re, member of the board of Management Ludger Arnoldussen told PTI.
The company would enter into the insurance business through its insurance arm ERGO as early as possible, he added.
Without disclosing the names of the companies, he said, “we are talking to both public sector and private sector companies for possible partnership.”
The country offers huge opportunities and there is a lot of space for growth, he said, adding the opportunities stem from low insurance penetration in India.
Last month, DKW, the standalone health insurance arm of the Group forged a joint venture with the Apollo Hospitals with initial paid-up capital of Rs108 crore.
While Apollo Hospitals has 74% stake in the joint venture, Apollo DKW Insurance Company, 26% is owned by the foreign partner as per regulations.
Regarding reinsurance, he said, as soon as legal circumstances permit, Munich Re will establish a branch office in India to write reinsurance business.
The company, he added, did not want to undertake reinsurance business by setting up a joint venture with 26% equity holding.
Arnoldussen said the Indian market continues to be heavily regulated with the state-owned re-insurer enjoying a leadership position.