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: With a premium income amounting to 17.7 billion euros in 2008, the ERGO Group is one of the major insurance groups in Europe. Worldwide, ERGO, which expanded its size by steady acquisitions of other companies is represented in more than 30 countries, majorly in Europe. In Europe, ERGO is ranked No 1 in the health and legal expenses insurance segments. However, recently the insurer which is also a subsidiary of Munich Re, the second largest global reinsurer, for the first time has decided to foray into Asia. It has thus far ventured into India, China and South Korea.
The insurer has already set up a general insurance joint venture with housing finance major HDFC and is looking for a partner for life insurance operations in the country. Last week, the insurer had organised a media summit of Asian journalists at company’s headquarters at Düsseldorf in Germany, Torsten Oletzk, chairman, ERGO Group, spoke to FE’s Sitanshu Swain about the company’s plans for India.
Why did ERGO decide to enter Indian market?
We see the Indian insurance market as a very attractive market. The recent liberalisation has resulted in a dynamic development and high growth. And there is more to come: Especially in the field of non-life insurance where we expect a further upside due to higher insurance penetration. The macro-economic environment is positive as well: It is expected that India will get out of the crisis and return to the growth path faster than other countries.
How do you see the existing regulations in the Indian insurance market?
One of the most interesting issues in our view is whether the FDI cap will be increased from 26% to 49%. We would strongly support such an increase and we hope that the new government will now approve this regulation which has been set on track even before the elections. Another issue is the motor third party pool which needs to be reformed since it is highly in deficit.
What kind of synergy is Munich Re providing to Ergo in its operations?
For us at ERGO , it is very positive to be part of the Munich Re Group. In the early stages of entering every foreign market, Munich Re's support was invaluable. Munich Re can - and does - provide market knowhow and contact to the relevant people. It's longstanding history and good reputation in many markets of the world opens doors for us....
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