GIC Re, country’s sole reinsurer, today said that it is fully geared to meet the emerging competition in the domestic reinsurance sector.
The company also said that it wants to be among the top ten reinsurers of the world, from its currently global positioning at 14th, over the next couple of years.
After assuming charge as the chairman and managing director of GIC Re, Alice Vaidyan said, “GIC Re is confident of increasing its market share even after the arrival of global reinsurers in the country. We have almost 50 per cent market share at present.”
“But, given the market condition and given the fact that we have supported the market in good and bad times and our rapport with all our customers (insurers) in the market,” she said.
Slowly, GIC Re is expanding its international reach, she said.
“We are aiming for focussed growth in countries like Latin America, China and CIS countries. These three are main target countries for us as of now,” Vaidyan said adding, “GIC Re has diversified across the globe now doing business in 160 countries and has branches in countries like the UK, Dubai and Malaysia,”
Talking about the future plans of GIC Re, Vaidyan said, “We are planning to open a new branch in Brazil this year.”
“GIC Re intends to be among top 10 reinsurers in the world within next couple of years, while still maintaining its pre-eminent role as national reinsurer in the domestic market,” she said.
Even as the final regulations for reinsurers are likely to come from IRDA anytime from now, GIC Re’s role is very important one.
“It is very crucial for the Indian insurance industry as the global reinsurers are opening up and hence GIC Re’s role will be to facilitate and collaborate with them,”‘ she explained.
The company has been in the market for more than 40 years and has a great talent pool.
“We have the backing from the government for our financial strength,” she said.
GIC Re has to ensure that the nuclear pool should take off, she added.
“In our bid to help government increase insurance penetration in the country, where insurance reaches the last mile, my dream is to achieve the goal of insurance for every Indian,” she said.
Source : Asia Insurance Post
Date : 25th Jan 2016