MUMBAI, May 13: Allianz Group of Germany and its Asia Pacific partner, the Australian MMI Insurance Group have signed a memorandum of understanding with Alpic Finance Ltd. The three companies, Allianz, MMI and Alpic are planning to form an insurance joint venture, which will enable them to participate in the Indian health insurance sector. The partners also intend to enter the general and life insurance markets once these are liberalised.

Allianz group, one of the three largest insurance companies, was among the first foreign insurers to receive permission from the RB I to open a liaison office in India at the end of last year.

Detlev Bremkamp, member of the board of management of Allianz AG, said ``With less than 1 % of its GDP spent on insurance, there will be an increasing demand for insurance protection in India. We will put our expertise to work in India for India.'' George Otto is the chief representative for Allianz in India.

The MMI Insurance group has been looking after the health and safety needs of Australian workers for over 80 years.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.