Allianz Jio Re Appoints Sonia Rawal CEO as India Operations Begin
The Jio Financial Services-Allianz venture has started underwriting reinsurance in India after receiving final Irdai approval.
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Image Credit- Diksha Mishra/ MIT Sloan Management Review India
Allianz Jio Reinsurance has appointed Sonia Rawal as Chief Executive Officer as it begins operations in India after securing regulatory approval earlier this month.
Rawal has 17 years of experience in reinsurance and risk management across Asia-Pacific and was previously based in Singapore with Allianz Reinsurance, where she covered India and the Asean markets, according to the company.
The Mumbai-based company is a joint venture between Jio Financial Services and Allianz, through Allianz Europe BV, and is now authorized to underwrite reinsurance business in the country, the companies said.
Allianz Jio Re received final regulatory approval from the Insurance Regulatory and Development Authority of India (Irdai) on 12 March.
“I am truly honored to lead Allianz Jio Re and excited for the journey ahead. We aim to bring a powerful combination of in-depth global and local expertise to the market and create long-term value,” Rawal said.
The venture combines Jio Financial Services’ local reach with Allianz’s global underwriting and reinsurance capabilities as it enters the Indian market, the company said.
“The start of operations now is the first step in building a long-term, sustainable reinsurance franchise in India,” Chris Townsend, member of the board of management at Allianz SE, said.
Jio Financial Services Managing Director and Chief Executive Officer Hitesh Sethia said the “launch is a pivotal milestone” and that the venture would help strengthen insurers’ risk-absorption capacity and support the wider insurance ecosystem.
The launch follows approval granted at Irdai’s 134th authority meeting on 9 March, when the regulator cleared certificates of registration for Allianz Jio Reinsurance and Kiwi General Insurance, enabling them to undertake business under the applicable regulatory framework.
