Gen Re in India

Asia

General Re has opened a representative office for life/health reinsurance business in Mumbai. Cologne Re, a subsidiary of General Re, was granted permission by the Indian Regulatory and Development Authority (IRDA) to open a representative office in November 2007. Winfried Heinen, head of General Re’s international life/health business and a member of Cologne Re’s Board of executive directors, described General Re’s prospects in India as ‘excellent and sustainable’. Wolfgang Droste, head of Gen Re’s life/health business in the Asia Pacific region, said that more primary companies were entering the Indian market which until recently were subject to a number of tariffs. Mr Droste noted that competition amongst life insurers would increase the pressure to develop new product ideas, particularly in the field of living assurance products, such as health-related plans. Only around 3% of all policies sold are above these limits.