India’s reinsurer calls for support of all cedents

General Insurance Corporation of India, the country’s sole reinsurer, has called for the understanding and support of all cedents at the 6th India Rendezvous, reports Asia Insurance Review.

 

GIC Re’s general manager Yugandhara Rao said, “Being a commercial organization that needs to maintain profitability to support the industry, it needs the understanding & support of all cedents for mutual benefit.” He pointed out that the reinsurer introduced event limits and a sliding scale commission in India for the first time, to help the Indian insurance market grow following the 2012 renewals on property surplus treaties.

Mr. Rao added that GIC Re supports, stabilizes, strengthens and streamlines the Indian insurance sector. According to Asia Insurance Review, the reinsurer participates in all domestic non-life companiesí reinsurance programs, with obligatory cessions from Indian general insurers, and provides facultative support for traditional and new products, as well as various agricultural schemes. GIC Re is the fifth-largest aviation reinsurer in the world and ranks 15th on S&P’s list of top reinsurers in 2012, adds Asia Insurance Review.

http://www.businessinsurance.com/article/20130124/NEWS09/130129907