Allianz targets growth with new India reinsurance branch

Pedro Gonçalves
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Allianz targets growth with new India reinsurance branch

Allianz Global Corporate & Specialty (AGCS), Allianz group's specialist corporate insurer, has launched a new reinsurance branch in India to capitalise on opportunities in what it calls one of the fastest emerging re/insurance markets, while growing its business in Asia Pacific.

The new reinsurance branch will be located in Mumbai. It will provide facultative, proportional, and non-proportional reinsurance solutions for property, liability, marine, financial lines, construction and engineering, as well as energy.

AGCS Asia Pacific CEO Mark Mitchell said: "India has long been a key part of AGCS's regional portfolio, and I look forward to the even closer collaboration with our business partners that this local branch will allow.

"As a leading global player in the reinsurance industry, the set-up of AGCS India will strengthen the expertise acquired by our previous operations in the India market and help us meet our clients' continually changing needs."

"As a leading global player in the reinsurance industry, the set-up of AGCS India will strengthen the expertise acquired by our previous operations in the India market and help us meet our clients' continually changing needs."

The firm said that it is part of the trend in which global reinsurance companies are expanding operations in India, one of the fastest-growing re/insurance markets, following the Indian government's move to amend regulations and open the reinsurance market to foreign companies in 2016. It also mentioned AGCS's experience in India, having worked closely with Bajaj Allianz and its global risks division since 2013.

The insurer also expects particular demand for reinsurance capacity for cyber and initial public offering (IPO) insurance, offered under the financial lines line of business. India is ranked as the third most vulnerable country to cyber threats, and 51 percent of India risk experts surveyed for the 2019 Allianz Risk Barometer report ranked cyber incidents as their top risk of 2019. 

Significantly, India is ranked as the third most vulnerable country to cyber threats.