To Further Mission Financial Inclusion
Vijay Shekhar Sharma says it’s an important milestone in our financial services journey of taking general insurance products to the masses
MUMBAI, Oct 27 (The CONNECT) – Paytm today said that its associate, Paytm Insuretech Private Limited (PIT), has entered into a strategic partnership with Swiss Re, one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer.
Swiss Re will invest approximately ₹920 crore in PIT for an aggregate stake of 23% on a fully diluted basis.
India’s insurance market presents a significant opportunity, given the market’s protection gap and under-penetration compared to the global average. Gross written premium for non-life insurance is expected to increase from $27 billion as of FY2021 to US$ 50- 60 billion by FY 2026, as per RedSeer data.
Paytm Insuretech plans to leverage Paytm’s customer base and merchant ecosystem to develop innovative insurance products and offer best-in-class solutions. This partnership is in furtherance of the company’s mission to bring half a billion Indians into the mainstream economy.
Vijay Shekhar Sharma, Chairman, MD & CEO of One 97 Communications which owns the Paytm brand, said the partnership with Swiss re is an “important milestone in our financial services journey of taking general insurance products to the masses.” “We look forward to gaining from Swiss Re’s global insurance capabilities and building innovative products to tap into the Indian market.
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cybercrime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.
