Mumbai: World's second largest reinsurer Swiss Re Thursday said it has no plans to enter the direct insurance business in the country.
"Swiss Re has no plans to enter the direct insurance business in India. Our current strategy is entirely focused on building our reinsurance franchise in India, through the establishment of a reinsurance branch operations to support our life and non-life clients," a Swiss Re spokesperson said.
The company also denied reports that it was planning to enter life and health insurance space in the country and it was already in talks with L&T Finance to set up a standalone health insurance company.
On the company's plans in the country, the spokesperson said, "Our goal is to bring the full benefits of our 150 years of history in closing societies' protection gap to the insurance sector in India now and into the future."
According to a study conducted by the company, health protection gap in the country is projected to reach USD 43.6 billion by 2020.
Meanwhile, Swiss Re has welcomed the new Insurance Act, which became effective early this year.
"Swiss Re welcomes the passing of the new Insurance Act and looks forward to the opportunities for growth this will bring to the reinsurance sector," the company said.
