Page 38 - Insurance Times Janaury 2021

INTERVIEW

Interview with

Mr. Satyajit Tripathy

General Manager, GIC Re

Excerpts of Interview with Mr Satyajit Tripathy, seen the requirement of a lot of other products on the
General Manager, GIC Re with Dr Rakesh Agarwal, liability side, on the business interruption side, and how to
monitor the various emerging situations in different lines of
Editor The Insurance Times
businesses. Even if you can take an example of aviation, the
grounding of airplanes, the response to the arrangement
About Mr Tripathy of premiums, and settlement of all those accounts are
Satyajit Tripathy, is the General Manager and manages situations that were not envisaged earlier, but the industry
Agriculture, Liability, Misc., Motor, Credit Re, HR & Training,
responded quite well. I am very sure that going ahead also
Investment Accounts and Investors Relations at GIC of whenever we face such situations again, the industry will
INDIA.
respond to it quite quickly.
He holds a bachelor’s degree in Science (Agriculture) from
Orissa University of Agriculture and Technology, a post- Q. Do you visualise the need for the pandemic
graduate diploma in Management from Xavier Institute of pool?
Management, Bhubaneswar and has completed the A. I think for a country like India, the pool works very well
Licentiate examination of the Insurance Institute of India.He and we have seen the pools that are already operating in
has been associated with GIC of INDIA since March 1, 1988. the Indian market, the terrorism pool, and the nuclear pool
Previously, he has worked as Assistant Manager in AICL, is operating very nicely for the country as a whole. Basically,
Delhi, Chief Manager in Investment Department, Assistant pools work well when you have loss expectations with high
General Manager in Investment (Operations) Department severity and less frequency. Pandemic usually happens very
and Deputy General Manager in Agriculture Reinsurance, less frequently. And I think a pool arrangement with a huge
Investment Mid- Back office of GIC. Before joining Crop corpus as proposed by the regulator, will be a good step
Insurance Deptt. of GIC he was Chief Investment Officer of going ahead and it is the requirement of the time.
GIC from 2015-18.
Q. Please give a brief about the pools being

Q. Your views on the impact of Covid-19 on the managed by GIC Re.
re-insurance industry? A. Yes we are operating two pools, the Indian market
A. The pandemic impact is going to be very long-lasting in
the re-insurance industry. We have seen how the insurance I think for a country like India, the
industry i.e, the Non-Life Industry has responded to the pool works very well and we have seen
pandemic with the emerging kind of issues regarding the the pools that are already operating in
product, pricing, and technology. These are the three issues
that will again be flowing back to the re-insurance industry the Indian market, the terrorism pool,
also. This kind of situation, though envisaged earlier came and the nuclear pool is operating very
very fast to the industry as a whole, and the industry has
also responded quickly. In the Indian scenario also, we have nicely for the country as a whole.

38 The Insurance Times, January 2021