Bajaj General Insurance and Swiss Re Corporate Solutions are exploring a commercial insurance partnership in India to bring together the general insurer’s strong local market presence with the global reinsurer’s risk knowledge and commercial insurance capabilities.
The two companies have signed an MoU to create a partnership to leverage Swiss Re’s International programmes platform and develop structured insurance solutions for the Indian market.
The partnership will focus on to provide underwriting expertise in lines of business that are critical for the continued growth of the Indian economy, including high-tech and manufacturing sectors. The partnership also intends to offer international insurance programmes for Indian companies operating abroad.
A media release issued by Bajaj General Insurance said Swiss Re Corporate Solutions provides a wide spectrum of risk solutions for businesses ranging from property insurance to specialist segments like Credit & Surety and including alternative risk transfer solutions like captives and parametric insurance.
It is the commercial insurance arm of Swiss Re Group, one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer.
Swiss Re Corporate Solutions CEO Ivan Gonzalez said, “India is the fastest-growing major commercial insurance market in the world, and we are exploring new ways to better serve corporate clients in this dynamic market with Bajaj General Insurance.
“Together, we can build on our complementary strengths, broaden the solutions we bring to market and help businesses navigate an increasingly interconnected risk landscape with confidence and resilience.”
Bajaj General Insurance MD and CEO Dr Tapan Singhel said, “India’s growth story today is closely linked to the global economy. We are seeing Indian businesses expand across borders and global companies invest with confidence in India.
“Both need insurance partners who understand local realities while bringing world-class risk expertise and international capabilities to the table. Our partnership with Swiss Re Corporate Solutions is an important step in that direction.”