Munich Re arm to enter life, property insurance here

MUMBAI: German reinsurance giant Munich Re’s affiliate ERGO Insurance Group has said that it’s looking for a joint venture partner in India for life and property insurance business.

Over the last few months, ERGO Insurance Group has conducted market evaluations to assess the feasibility to set up insurance operations in India in ‘07. ET had reported in its edition dated October 28 that the Munich Re group was planning to set up life and non-life joint ventures in India.

In a statement issued from Dusseldorf, Ergo, the group said it has identified customer and product segments, distribution channels to be established. “Within the next few weeks, in-depth talks will commence with prospective Indian partners to discuss the structure of a potential cooperation,” the statement said.

“In our view, the Indian market presents a significant opportunity for new entrants. ERGO’s financial strength and insurance know-how, combined with strong market knowledge, reputation and pan-India presence through a local partner, will create value for all parties involved,” said Klaus Flemming, board member in charge of ERGO’s international operations.