GIC Re moves up in world reinsurance rankings

GIC Re moved 2 places up in the world reinsurance rankings following the implementation of the government’s new crop cover scheme. With premium income growing 87% in FY17, the company has been driving reinsurance growth in Asia despite China slowing down. According to the latest AM Best report, GIC is likely to continue to grow over the short term, though at a slower pace. It overtook two companies — US-based Transatlantic and Bermuda-headquartered Everest Re. In order to break into the global top 10, GIC will need to outgrow Partner Re and Korean Re, which are ranked 11 and 10 this year. These two companies have a top line that is 2.8% and 6.6% more than that of GIC Re.