Enter - Mahindra into Reinsurance Broking Business

Mahindra Insurance Brokers Limited (MIBL), has received approval from the Insurance Regulatory and Development Authority (IRDA) to enter into the Reinsurance Broking business.

Mahindra Insurance Brokers Limited (MIBL), a 100pc subsidiary company of Mahindra Finance, has received approval from the Insurance Regulatory and Development Authority (IRDA) to enter into the Reinsurance Broking business.

Since May 2004, MIBL has been in the Direct Broking business and has now been granted the Composite Broking licence, allowing the company to also undertake Reinsurance Broking.

Health Insurance
Health insurance has emerged as one of the fastest growing segments in the non-life insurance industry with 30% growth in 2010-11 with annual premium collections being over Rs 6,000 crores.

Ramesh Iyer, Mg. Director, Mahindra Finance, and Director, MIBL, said, that they see the potential of India to emerge as a strong Asian Reinsurance hub by the turn of the decade, and they would like to play a key role in shaping this vision. Given the credibility built by MIBL with various stakeholders during the past few years in Direct Broking, they have drawn plans to position MIBL as one of the leading international brand names in the insurance broking industry in the years to come.

Source-Medindia

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