MUNICH RE TO OPEN BRANCH IN MUMBAI

Munich Re has targeted becoming one of the leading reinsurers on the Indian subcontinent after receiving approval to open branch office in Mumbai. The global reinsurance giant said it will use the reinsurance branch to write life and property/casualty reinsurance, as well as primary insurance through its HDFC Ergo joint venture and health insurance through Apollo Munich Health. Munich Re’s Economic Research unit has estimated the Indian property/casualty market will see annual average premium growth of 9.2% in until 2025. Across emerging Asia, the reinsurer said it expects to see annual average premium growth of 9%. Last week Scor and Hannover Re both revealed they had received authorisation from Indian regulators to open a branch office in the country.