Page 223 - Reinsurance Management IC85

Reinsurance Management

Liberalization has seen a special role
of the National Reinsurer - GIC Re.
Comment.
b) Differentiate between "Accounting Year
Basis" and "Underwriting Year

Ans: GIC Re became the sole statutory reinsurer for the
Indian market. As a reinsurer GIC Re is governed by
IRDA regulations. An important outcome following
liberalization and demerger is the reorientation of GIC
Re from being a traditional regional reinsurer to a global
reinsurer. GIC Re writes increasing inward reinsurance
from overseas markets. GIC Re is expanding its
overseas branch operations and sourcing inward
reinsurance in London and Dubai. The target is to
change the share of domestic and overseas from the
existing 62:38 (year 2010).

GIC Re is ranked within the top 20 reinsurers and
rated "A-" by A.M.Best. GIC Re has retained this
rating consecutively since liberalization.

GIC Re is also entrusted with responsibility to manage

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