Alice G Vaidyan has been appointed as the CMD of General Insurance Corporation of India (GIC Re), becoming the first woman to head the reinsurer.
In the financial sector, banking is dominated by women CEOs with the largest banks in each sector headed by a woman.In the public sector, Arundhati Bhattacharya heads the SBI. Among private banks, Chanda Kochhar heads ICICI Bank and Zarin Daruwala heads Standard Chartered Bank.
Though there have been hardly any women at the top level in non-life so far, the life insurance industry has seen several women CEOs.Shikha Sharma was earlier the chief of the largest private life company , ICICI Prudential (she is now the MD and CEO of Axis Bank). In LIC, Usha Sangwan is an MD -the number two position. R M Vis hakha, is the MD and CEO of IndiaFirst Life Insurance, the joint venture between Bank of Baroda and Legal & General.
Vaidyan’s appointment, with a tenure until July 2019, comes at a time when the market is being opened up for foreign reinsurance companies and several, including Lloyd’s of London, have announced that they would open branches here.“The idea of opening up the market is to increase reten tion in India. Even now we get only 50% of reinsurance with the other half going overseas. We will work in a spirit of collaboration with foreign reinsurers here to increase retention in India,“ Vaidyan said. “My goal is to take GIC Re into the top 10 global reinsurers while still maintaining the present status as national reinsurer,“ she added. GIC is the 14th largest reinsurance company in the world.
A general manager at GIC Re, Vaidyan had begun her career as a direct recruit officer at New India Assurance Corporation in 1983.She has been with GIC Re since 2008. She has been the face of the corporation in international business for marine, aviation and oil & energy reinsurance.
Source : The Times Of India, Mumbai
Date : 25th January,2016