UK's Royal bets big on Indian insurance
India is turning out to a crucial market for UK insurer Royal & SunAlliance with premium from India accounting for almost 25% of Asia & Middle East’s gross written premium for Royal & SunAlliance.
By TNN |
MUMBAI: India is turning out to a crucial market for UK insurer Royal & SunAlliance with premium from India accounting for almost 25% of Asia & Middle East���s gross written premium for Royal & SunAlliance. The group expects the Indian market to double again in the next five years substantially increasing the region���s share in world insurance.
With the Indian market gaining importance, Antony Jacob, managing director, Royal Sundaram Alliance ��� the joint venture between Royal SunAlliance and Sundaram Finance has been promoted as regional finance director for Asia and Middle East at Royal & SunAlliance.
He will now be responsible for planning and facilitating profitable growth in the region. The role will include contributing to development and implementation of overall business strategy, particularly financial plans, strategies and targets; and development of joint ventures.
In an interview with ET, Mr Jacob said, ���India is a market of tremendous potential for R&SA and is a key element in our development strategy for the region as well as internationally. Asia and the Middle East have emerged as key regions as it houses around 45% of the world���s population and only 2% of the world���s non-life insurance business. India has a low insurance penetration rate and is a market waiting to be tapped.��� The company expects gross written premium of Rs 600 crore in ���06-07.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
