Magazine date:
Feb 2017 The Indian reinsurance market has been estimated to be worth nearly 2.5 billion USD. By the end of 2006, the national company GIC Re, alone, was authorized to provide reinsurance services at the local level.
The opening of the Indian market to competition is an expected event as several international players have just been authorized to set up branches. ITI Re, a private Indian reinsurer, Munich Re, Swiss Re, Hannover Re, Scor and RGA [4] have been granted license.
Lloyd’s and Catlin XL have recently obtained R2 authorization, that is the last step before final approval. On their turn, Gen Re and Axa Re are still lagging behind at the initial process of license, with just R1 authorization.