Swiss Re and Munich Re will open branches in Mumbai after securing licences from the Insurance Regulatory and Development Authority of India.

The operations, in India’s financial capital, will drive the reinsurance giants’ bid to grow in an underserved market with huge potential.

Swiss Reinsurance Company Ltd India Branch started operations last Wednesday and offers non-life and health reinsurance solutions direct to clients and brokers. The branch complements the Swiss Re Global Business Solutions operation in Bangalore, the centre of India’s high-tech industry.

Munich Re says its Mumbai branch will serve the property and casualty (P&C), life and health reinsurance markets across the subcontinent.

“With this set-up the group is in an excellent position to realise profitable growth potentials of this innovative insurance market, which is one of the fastest-growing in emerging Asia,” board of management member responsible for P&C Asia-Pacific Ludger Arnoldussen said.

India moved in 2015 to let foreign insurers establish branches there.