Munich Re wants to set up branch in India - exec
NEW DELHI May 31 (Reuters) - Munich Re (MUVGn.DE) is interested in opening a branch in India when the country's rules allow, a senior company official said on Monday, as the world's biggest reinsurer sees a growing economy boosting demand for reinsurance.
Peter Akers, CEO of Munich Re India Services, told reporters that a pending bill to reform India's insurance sector that seeks to raise the limit on foreign direct investment in insurance companies to 49 percent from the present 26 percent, also included proposals to allow foreign reinsurers to open branches in the country.
"It will enable us to serve our clients better," he said.
Currently Munich Re operates in India through the so-called "service company" model.
Akers expects more life insurance companies to enter the Indian market after the reform bill is passed, further increasing demand for reinsurance.
Munich Re had a 22 percent share of the life reinsurance market in India for the year to March 2009, he said. (Reporting by Devidutta Tripathy; Editing by Unnikrishnan Nair)