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. “The regulator is currently processing applications of ten players consisting of insurers and re-insurers,” IRDA member (Finance and Investment) V R 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.