Fortis launch life insurance company in India

Wed, 23 Apr 2008

Even as the UK life insurance market stays strong despite the credit crunch, emerging markets such as India and China are growing rapidly. The potential money to be made in these markets is attracting life insurance companies from around the world. The latest life insurance venture to open in India is IDBI Fortis Life Insurance Co Ltd.

The company is a joint venture between two Indian financial institutions and Fortis. The company starts with 400 fully trained employees, and will focus on bancassurance services of cross-selling life insurance to clients.

The life insurance company will carry a product range based on a comprehensive unit-linked product that carries 11 investment options. The CEO of Fortis Insurance, Peer Van Haarten, was reported as commenting in the news: "Fortis is delighted to be able to launch activities in India, and is looking forward to an excellent collaboration with two highly successful banks . Fortis has had a long-standing record of successful bancassurance partnerships in Asia and this entry into the Indian life market is fully in line with our strategy to continue to build our presence in Asia. The Indian market has huge potential and I believe the three partners' expertise and distribution capabilities combined with the high level of joint ambition and professionalism represents a winning proposition for all parties involved."
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