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There was a time when India only had one functioning reinsurance company; it was the General Insurance Corporation (GIC) of India. Today, as of 2023, there are 11 major reinsurance companies operating out of India: one Indian company and the rest foreign reinsurance companies.
Let us go through each of the eleven reinsurance companies in India briefly and understand their history, scope of operations, and beyond. You can also learn about the history of reinsurance in India to get a better idea about reinsurance in India.
Mentioned below are all of the reinsurance companies in India (As of 2023)
GIC of India was the sole reinsurer in India up until 2015. All of this changed with the amendment of the Insurance Laws Act, 2015. This is where the Indian reinsurance industry was opened up to local as well as foreign players. The licensing and regulation part is to be handled by the IRDA of India. In 2016, IRDA issued the R1 preliminary licence to Indian firm ITI Reinsurance, thereby officially opening the Indian reinsurance industry to private Indian companies.
Lloyd’s India is the Indian arm of British insurance company Lloyd’s of London. Lloyd’s India generates revenue through their reinsurance business, which operates in a variety of fields like Health, Cyber, Marine, General Liability, Nuclear, Art, Property, Terrorism, Aviation, Agriculture, Pecuniary, and beyond. You can view all of their activities through their Digital Brochure.
Unit 1 and 1A, Level 6,
4, North Avenue
Bandra Kurla Complex
Munich Re operates in India through its India branch. The company is one of the largest reinsurance companies in the world, with €67.1 Billion gross premiums written. The company also has over €200 Billion assets under management (AUM).
Unit 1501, B wing, The Capital, Plot No. C-70, G Block, Bandra Kurla Complex (BKC), 400051
AXA France Vie got its licence from the IRDA in 2017. They operate in India through their India branch, located in Delhi. Their India operations are headed by Mr. Ankur Nijhawan, who acts as CEO of India operations. AXA reported $17.3 billion worth of gross written premium (GWP) in 2020, making it one of the largest reinsurers in the world.
5th Floor, Office Tower, Select City Walk, Plot No. A-3,
District Centre, Saket, New Delhi
+91 11 6623 2500
Data taken from: https://indiareinsurance.axa.com/
Allianz Global operates its India business primarily through its Mumbai office. With over €140.5 Billion of GWP in 2020, Allianz is an insurance and reinsurance behemoth. Allianz Reinsurance has various lines of business operating in health, aviation, life, property, casualty, accident, and beyond.
Office No 66
Bandra Kurla Complex
Mumbai, Maharashtra 400051
RGA Life Reinsurance Company of Canada operates in India through its India branch located in Mumbai. The Indian operations are headed by Jyoti Punja, who acts as the company’s India CEO. RGA specialises in life reinsurance, with over $13.3 billion GWP in 2020 alone.
302, Akruti Centre Point
MIDC Central Road
Mumbai 400 093
SCOR SE initiated its India operations in 2016, primarily through its India branch located in Mumbai. SCOR is a global reinsurance giant operating in over 150 nations and having a GWP of €16.3 billion in 2020 alone.
XL Insurance is a subsidiary of AXA XL, a specialty reinsurance venture of the massive AXA Group. XL Insurance Co SE started its India operations in 2017, primarily through its Mumbai office located in Bandra Kurla Complex (BKC). Company operations are headed by Joseph Augustine (CEO), Amit Agrawal (CFO), and Laxmeekant Walikar (Chief Underwriting Officer).
11, A Wing, Level 5, The Capital, G Block, C 70,
General Reinsurance AG is a part of Berkshire Hathaway, which is headed by the legendary Warren Buffet. 41% of its business comes from health and life, and the remaining 59% comes from the property and casualty industries.
The company has written $11.5 billion in net premiums written (NPW) in 2021. General Reinsurance AG operates its India arm through its office in Mumbai.
Units 107-109 Meadows
Sahar Plaza Complex
Mathuradas Vasanji Road
J B Nagar, Andheri East
Mumbai, Maharashtra – 400 059
Swiss Re is one of the oldest reinsurance companies in the world, established in Zurich, Switzerland, in 1863. The company operates in the life, health, property, and casualty sectors and has gross premiums written (GWP) of $38.6 billion in 2020. Its India branch is located in BKC, Mumbai.
A-701, 7th Floor “One BKC”, Plot No. C-66, Mumbai, Maharashtra 400051
Contact Page https://www.swissre.com/about-us/office-locations.html?expand=India-content#Asia-Pacific
With gross premiums written of €25.8 billion in 2020, Hannover Ruck is a major player in the global reinsurance market. The company majorly focusses on Property & Casualty end of things. The company operates its India business through its Mumbai office.
Akal Society, J.B. Nagar, Tarun Bharat, Andheri East, Mumbai, Maharashtra 400099
As you can see, the reinsurance industry has considerably opened up post the 2015 insurance amendments to the Insurance Act. This has led to a variety of local players as well as global giants entering the Indian reinsurance space.
This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.