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Global reinsurers look to gain foothold in India

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Global reinsurers are looking to enter the Indian market, The India Express reported.

An official at Munich Reinsurance Co. said that by 2020, more than €1 trillion ($1.354 trillion) in additional premiums will be generated in Asia.

Ludger Arnoldussen, management board member at Munich Re, said "at the moment our reinsurance premiums from India are about €30 million ($40.6 million)."

Victor Peignet, CEO of SCOR Global P&C S.E., said "we hope to have a branch office in India conducting reinsurance business."

At present, General Insurance Corp. of India Ltd. is the only reinsurer in the country.

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