French reinsurer AXA Re expects to soon get approval from the Insurance Regulatory and Development Authority of India to start operations in the South Asian country, The Indian Express reported June 12, citing an official of the company.
If its plan pushes through, AXA Re will join another Frech reinsurer SCOR SE in starting operations in India. AXA Re and SCOR are not the only global reinsurers seeking to enter the lucrative Indian reinsurance market. In December 2016, IRDAI granted final approval to five foreign reinsurers: SCOR, Hannover Re, Swiss Re Ltd., Reinsurance Group of America Inc. and Munich Re.
Other global reinsurers that have received approval from the regulator are Lloyd's of London, General Reinsurance Corp. and XL Catlin.
The nine companies are expected to invest around 50 billion Indian rupees to set up their operations in India.
As of June 9, US$1 was equivalent to 64.32 Indian rupees.