HDFC Life, a leading Indian Insurer, has launched its wholly-owned subsidiary 'HDFC International Life and Re Company Limited' (HILRCL) in Dubai, UAE.

 The subsidiary received its license from the Dubai Financial Service Authority to operate in the Dubai International Financial Centre earlier this year.

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.

Deepak Parekh, chairman HDFC Limited 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, chairman Standard 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.

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.” – TradeArabia News Service