Mumbai: World's second-largest reinsurer Swiss Re aims to grow its business in the country and other parts of Asia, including China and Indonesia, by 25 percent by 2015-end.
"We do not break down our revenue by markets. Swiss Re will focus on a number of high growth markets in all regions. We expect to grow our share of business from these high growth markets to 20-25 percent by 2015," Swiss Re's Head of Life & Health Client Markets, India, Vivek Kuruva told PTI here today.
"In 2014, we already achieved this target with 21 percent of premiums earned and fee income from high growth markets," he said.
Swiss Re's group net income was USD 3.5 billion in 2014 and the group premium and fee income grew by 8.4 percent to USD 31.3 billion last year.
Asia Pacific contributes 32 percent to property and casualty and 22 percent to life and health premiums and fee for Swiss Re in 2014.
Talking about the health protection gap in the country, he said, "Even if healthcare expenditure remains a stable share of GDP, according to a Swiss Re study which was conducted in 2012, Indian health protection gap is projected to reach USD 43.6 billion by 2020."
Health protection gap includes the difference between the insurance cover actually taken against requirement to pay for the basic healthcare services.
"This is driven by an ageing population, a wealthier society, health cost inflation driven by advances in medicine and the growing consumer perception of insurance needs amongst other factors," he added.
Swiss Re, which is working on a plan to set up its branch in the country, has already appointed its Indian chief executive Kalpana Sampat, who is currently working for ICICI Prudential Life Insurance and is likely to join Swiss Re next month.
Insurance Regulatory and Development Authority has already come out with draft regulation on allowing global reinsurers to set up branch operation in the country and the regulator is likely to come up with its final guidelines on the issue shortly.
Swiss Re is planning to enter life and health insurance space in the country and it is already in talks with L&T to set up a standalone health insurance company.