Accordingly, they are on a hiring spree after having received licences from Insurance Regulatory and Development Authority (IRDA), sources familiar with the development. According to market sources, as many as 10-15 global reinsurers are likely to enter the country in near future, as per an IRDA estimate after the new insurance law allowed 49 per cent foreign ownership.

The IRDA has already issued draft norms for allowing branch operations of international reinsurers and is expected to issue the final norms by June. It has also been learnt that the largest global reinsurer. Munich Re recently appointed Hitesh Kotak as its new Chief Executive for India operations. As part of increasing its India play, the company has also shifted its headquarters from Kolkata to Mumbai, sources said.

Hannover Re, the third-largest global reinsurer, has also expanded its team by appointing Ankur Nijhawan as Managing Director of Hannover Re Risk Management Services India, a wholly-owned subsidiary of Hannover. Nijhawan had earlier worked with Marsh India and AIG's U.S. operations.

However, Hannover Re is yet to name its India CEO. Joseph Augustine, who has been heading India operations of Catlin, the largest syndicate in Lloyd's, will continue in the same position. Recently, Catlin was taken over by U.S. insurer XL in one of the largest international M&A deals and is likely to announce the new structure of the merged company in the country soon. Other companies like French major SCOR and Lloyd's of London are also likely to name their new India CEOs shortly, sources said.

Read More: E-insurance to be Soon Available as High-value Life Insurance Policies

Manage Finances by Getting Rid of These 5 Money Habits