News: Munich Re eyeing Indian Insurance Market

(IM 15/03/2007) Munich - German based re-insurance hotshot Munich Re, is planning to enter Indian life and non-life, both insurance segments via its insurance company Ergo, as confirmed by IRDA chairman C.S. Rao. Munich Re is already operating in Indian health insurance market by collaborating with Apollo. DKV International Health Holdings, which joined hands with Apollo, is an Ergo brand and Munich Re holds 94% stake in Ergo. Munich Re's initial plans were to foray into the Indian re-insurance market but it now going for the primary insurance market.

After Indian insurance market's record-breaking growth in the first months of 2007, many international players are eyeing the life, non-life and health insurance market of India. A good number of companies are very keen on plunging into the Indian life, non-life and health insurance markets and have already applied to IRDA for licenses, like HSBC, Principal PNB Life Insurance, Future Generali Life Assurance, Future Generali India Insurance Company, Apollo DKV Insurance, Universal Sompo General Insurance, IDBI Fortis Life Insurance and Shriram Life Insurance. Indian banks and businesses, like PNB, Canara Bank, Vijaya Bank, DLF real estate group, Karnataka Bank, Allahabad Bank, IDBI, etc. are also welcoming the foreign players as they want to diversify their businesses into the ever-growing and untapped field of