Marsh Inc. has received an insurance brokerage license from the Insurance Regulatory Development Authority of India (IRDA).
Marsh said it is among the first foreign insurance brokers to receive a license to transact business in India and that its Marsh India Private Limited firm will immediately begin to provide both insurance and reinsurance broking services to clients.
Until now, foreign insurance brokers have not been licensed to do business in India.
“We now are able to deliver a comprehensive range of services such as risk assessment, insurance placement, claims servicing, loss prevention and risk control to clients in India,” Bill Jones, managing director of Marsh India, remarked. “India’s insurance market will now become a strategic component of Marsh’s global operations. The license will enable us to create and deliver risk solutions and services that are increasingly critical given the dramatic changes taking place in the global and Indian insurance industries.”
Marsh India currently has a core staff of insurance brokerage professionals in its Mumbai office. The company also intends to establish operations in New Delhi and Bangalore in the near future.
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