Insurance Regulatory and Development Authority of India (Irdai) has received applications from ten new players to start operations in the country, a senior official said here.
“The regulator is currently processing applications of ten players consisting of insurers and re-insurers,” IRDA member (Finance and Investment) VR Iyer told PTI on Monday.
“Four primary players - two non-life insurers, one life insurer, one health player, one re-insurer - and five global re-insurers have now applied for licences to set up operations in the country,” she said.
However, Iyer did not reveal names of the primary insurers and one re-insurer. Aditya Birla Group is setting up a health insurance company in partnership with South African firm MMI Holdings, market sources said. The global re-insurers who have applied for licences include Munich Re, Swiss Re, Hannover Re, SCOR, Excel IlSE, they said.
Confirming the same, Iyer said: “We have received applications from these players (re-insurers) to set up operations in the country and (we) are processing them.”