Captains of industry convene to celebrate first milestone of new HDFC group entity in the UAE

Tuesday 03 January 2017

Dubai - MENA Herald: HDFC Life, a leading Indian Insurer, celebrated its official launch since opening the doors of its wholly-owned subsidiary 'HDFC International Life and Re Company Limited' (HILRCL). The Subsidiary received its license from the Dubai Financial Service Authority to operate in the Dubai International Financial Centre earlier this year. The gala dinner held on December 8th 2016, was attended by senior delegates and esteemed guests including Mr. Omer Elamin (President, Orient Insurance), Mr. Xavier Arputharaj (COO, Orient Insurance), Mr. Amitabh Chaudhry (MD & CEO, HDFC Life), Mr. Suresh Badami (CDO, HDFC Life), Mr. Sameer Yogishwar (CEO, HILRCL) and the entire Board of HDFC Life.
Since its establishment, the company has received a positive and welcoming response, having already entered into a reinsurance partnership- with Orient Insurance PJSC, an Al Futtaim Group company, one of its first and most significant relationships in the Region to emerge in the last quarter.
Commenting on the partnership, Mr. Deepak Parekh, who heads one of the largest and most respected financial conglomerates in India, said “The group has great ambitions in the GCC on account of increasing insurance penetration rates and changing demographics. We are confident of delivering proactive reinsurance solutions together with the support of our partners through the new (re)insurance venture.”
Sir Gerry Grimstone, alluding to the success witnessed by HDFC Life, highlighted the importance of strong partnerships in the world of insurance business, bringing the value of skill, track record and credibility in insurance underwriting to the forefront.
Mr. Omer Elamin, President Orient Insurance expressed his view on the relationship by adding “As local markets mature and end users become more aware of insurance as a hedge against unforeseen risks, there is considerable potential for insurance and reinsurance providers in the region to invest in market education and cater to needs of the growing population. We are thus delighted to partner with our friends from HDFC Life and closely work towards developing the life insurance market”.
Rounding off the evening proceedings, Mr. Amitabh Chaudhry thanked all delegates for the show of support through their presence and reiterated HDFC Life’s commitment to the Gulf region. In the days to come, he mentioned that HILRCL expects to grow from strength to strength by initially offering reinsurance capacity within the UAE and subsequently expanding to other jurisdictions, using multiple insurance and reinsurance models.

Search form