Swiss Re to enter health re-insurance in India, China

07 November 2006

Swiss Re, one of the largest re-insurance companies in the world, plans to re-enter the health re-insurance business, especially in India and China.

The world's leading and diversified re-insurer, is eyeing the Indian health insurance business, which is expected to expand phenomenally over the coming years. The company estimates the Indian health insurance market to expand from $400 million in 2005 to $3.5 billion 10 years later.

According to Jean-Michel Chatagny, managing director,strategic corporate development, Asia, Swiss Re, the company sees tremendous opportunities in the two leading Asian nations. India's health insurance business is still at a nascent stage, but the sector is likely to expand following de-tariffing from early next year.

Health insurance has already been classified as a separate segment within the insurance sector, and one stand-alone health insurance company - Star Health and Allied Insurance - has already begun operations.

Swiss Re expects to serve the new health insurance players who will be setting up ventures in India, offering advisory services on product design and pricing, and also offering underwriting services.