Reinsurance rates down by 20%: GIC Re

GIC Re has seen a softening of reinsurance rates in the contracts renewed in the last few months. Mr. A. K. Roy, CMD of GIC Re said that the rates have softened by 20%. With no major natural catastrophe events in recent times, he explained that the insurance industry as a whole has reported better profit ratio.

Currently, the domestic to international business mix of GIC Re stands at 50-50. About the premiums from the Indian market, Roy said that the level of retention from the domestic market has increased.