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Jul 2012 Munich Re has virtually withdrawn from the Indian market after more than 30 years of presence. The reinsurer justifies this decision by the low rates charged by local insurers who undertake a policy of unfair competition. For some classes of business like engineering, premium rates have fallen by 90% since the 2007 price deregulation. Another example, the Oil and Natural Gas Corporation (ONGC) has increased its exposure to risk by 12% while the premium increased by only 2%. In addition, new players have entered the market, including Berkshire Hathaway, Scor and Korean Re. For Munich Re, the competition can only harm the healthy business.