Swiss Re has announced it is to provide Indian insurers and financial institutions with a range of technical consulting services, including risk management expertise and product design.
This follows the Foreign Investment Promotion Board of India's recent approval of the setting up of an affiliate service company operation in India. It issued this approval to Prudentia AG - a member of the Swiss Re Group.
As a result, Swiss Re Services India Private Limited will be formed.
The company said that India's insurance market offers great potential, with premiums between now and 2010 forecast to grow at an average real rate of 8.3% per annum in the non-life sector and an average real rate of 13.5% per annum in the life sector.
A senior spokesman for the company, Pierre Ozendo, said: "We are pleased to support the expanding needs of India's insurance and financial services sectors and look forward to continually building Swiss Re's presence and services in India."
Swiss Re opened a representative office in Mumbai in 1998. It also operates a separate unit in Bangalore - Swiss Re Shared Services Company.
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