MAPFRE Re announced it has obtained regulatory approval from the International Financial Services Centres Authority (IFSCA) of India to open its newest branch office in Gujarat.
MAPFRE Re said its relationship with the Indian insurance market dates back over a decade, during which time the reinsurer has progressively increased its commitment to the market, building a solid business portfolio and collaborating closely with the main insurance companies in the country.
The opening of this new branch comes as the Indian insurance market enjoys a growth phase, driven by the country’s economic dynamism, a rise in demand for protection solutions, and an increasingly favorable regulatory environment. India has thus positioned itself as one of the most attractive insurance markets internationally.
The launch of the Gujarat branch represents a significant milestone in MAPFRE Re’s strategic development in Asia. “It will facilitate the company in strengthening its operational capacity and enable it to offer a more agile, specialized and personal service to its customers in the domestic market,” MAPFRE Re said.
“The authorization to operate in India means we’ll be even closer to our clients and that we’ll also be able to leverage our technical knowledge and underwriting capacity in a market with high development potential,” stated Miguel Rosa, CEO of MAPFRE Re, in a statement.
“The opening of the branch in India decisively strengthens our commitment to this strategic market and complements the opening of our branch in China in 2024,” according to Javier Sánchez Cea, APAC regional manager at MAPFRE Re.
“It also dovetails perfectly with expanding our broader direct presence in key countries on the continent, like the Philippines, Japan, Malaysia, and Singapore. Together, they constitute one of the fundamental pillars for MAPFRE Re’s growth in Asia in the coming years,” he added.
Having secured this authorization, MAPFRE Re will continue with the pre-opening procedures with the different local administrations, in line with current local regulations, with the aim of commencing activity in the country in the coming weeks.
MAPFRE Re is a global reinsurer and the reinsurance unit of the MAPFRE Group, with 19 offices around the world, and doing business in over 100 countries. The company offers reinsurance services and capacity, providing all kinds of treaty and facultative reinsurance solutions in all its non-life and life branches.
Source: MAPFRE Re
Topics
Legislation
India
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