India approvals mark liberalisation watershed

A raft of foreign and domestic reinsurers have been granted
final approval by the Insurance Regulatory and Development
Authority of India (Irdai) to establish branches in the country, as
it seeks to improve competition in the market.
Global players Swiss Re, Hannover Re, Scor and Reinsurance Group
of America all
received "R3" approval from the regulator last week
to set up branch offices in the estimated $12.9bn Indian non-life
insurance market.Munich Re received approval on Monday (2
January) a