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License for 23 non-resident reinsurers

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Magazine Issue: 
Afro-optimism [3]
Magazine date: 
Jun 2016

The Insurance Regulatory and Development Authority of India, IRDA, has awarded licenses to 23 non-resident reinsurers, providing them with access to Indian business for the 2016-2017 year. Indian insurers will therefore have the possibility to make placements with the certified reinsurers. These licenses have been delivered based on the applications received and on the recommendations of local insurers and those of GIC Re.

The list of the reinsurers licensed by IRDAI includes namely: Ingosstrakh Insurance Company (Russia), Asian Reinsurance Corporation (Thailand), Trust Re (Bahrain), United Overseas ompany (Singapore), Equator Reinsurance Ltd (Bermuda), East Africa Reinsurance Company Ltd (Kenya), Vietnam National Reinsurance Corporation (Vietnam), CICA Re (Togo) and Arab Insurance Group (Labuan).

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[4] http://www.atlas-mag.net/en/article/the-indian-authorities-grant-preliminary-approvals-to-four-european-reinsurers
[5] http://www.atlas-mag.net/en/article/possible-premium-increase-in-connection-with-natural-catastrophes
[6] http://www.atlas-mag.net/en/article/the-lloyd-s-is-targeting-the-indian-market