Sep 21, 2015

Several foreign players in reinsurance are looking to enter India and that is the word coming from Swiss re’s Chief Economist, Kurt Karl. The Indian re-insurance market has been dominated by government-owned general insurance corporation for long. Even a hike in the foreign direct investment (FDI) cap for insurance to 49 percent hasn’t changed that.

However, several foreign players are looking to enter India, now. CNBC-TV18’s Alexander Mathew caught up with Swiss Re’s Chief Economist, Kurt Karl.

Below is the transcript of Kurt Karl’s interview with Alexander Mathew on CNBC-TV18.

Q: What point do you really see India becoming a destination for global reinsurance companies?
A: We are here.

Q: In terms of setting up a presence.
A: We are trying to get a licence, I do not know if you knew that.

Q: You are not the only one.
A: There has been a lot of interest. So, it is a great, it is a big country.

Q: But, in terms of really setting up brick and mortar presence, looking at it as a base of operations in India, when do you see that happening and what needs to change for that to happen?
A: It has begun to change as you know. You are opening up and we can get licences now. So, re-insurers are very interested in coming in.

It is a big economy, predominantly because your per-capita income is not that high. You have a lot of people, it is a big economy; it is a growing economy. ave steel sector: S&P

Source: Money Control