Captains of Industry Convene to Celebrate First Milestone of new HDFC Group Entity in the UAE
Dubai, UAE; January 3, 2017: HDFC Life, a leading Indian Insurance firm, celebrated its official launch given that opening the doors of its wholly-owned subsidiary 'HDFC International Life and Re Company Limited' (HILRCL). The Subsidiary received its permit from the Dubai Financial Service Authority to run in the Dubai International Financial Centre previously this year. The gala supper held on December 8th 2016, was participated in by senior delegates and esteemed visitors consisting of 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.
Considering that its establishment, the company has obtained a favorable and inviting response, having already participated in a reinsurance partnership- with Orient Insurance coverage PJSC, an Al Futtaim Group company, one of its first and most considerable relationships in the Region to emerge in the last quarter.
Commenting on the partnership, Mr. Deepak Parekh, who goings among the largest and most recognized monetary corporations in India, stated "The group has excellent passions in the GCC therefore raising insurance infiltration rates and changing demographics. We are confident of providing proactive reinsurance remedies 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 collaborations worldwide of insurance business, bringing the worth of ability, record and trustworthiness in insurance coverage underwriting to the forefront.
Mr. Omer Elamin, President Orient Insurance expressed his view on the connection by including "As local markets develop and finish users come to be extra aware of insurance as a hedge against unexpected threats, there is considerable potential for insurance coverage and reinsurance service providers in the region to purchase market education and deal with requirements of the expanding population. We are therefore happy to partner with our buddies from HDFC Life and closely work to establishing the life insurance policy market".
Settling the night proceedings, Mr. Amitabh Chaudhry said thanks to all delegates for the show of assistance via their visibility and repeated HDFC Life's dedication to the Gulf region. In the days to come, he stated that HILRCL anticipates to grow from toughness to toughness by originally offering reinsurance capability within the UAE and consequently increasing to other jurisdictions, using multiple insurance and reinsurance designs.
