The reinsurance cover for India Inc has become 20 per cent cheaper in 2014-15 at a time when inflation has impacted the economy.
“We have seen the reinsurance pricing falling 20 per cent at the time of the renewal for the new fiscal. There is a softening of reinsurance pricing as globally there are not many claims and there’s too much of capital in the reinsurance industry. All the global reinsurers have seen their income falling. We have to work harder and get into new regions to maintain our portfolio,’’ AK Roy, chairman and MD, GIC Re, said after inaugurating the new headquarters of its subsidiary GIC Housing Finance.
GIC Re, with a global balance sheet size of around Rs 12,000 crore, has its domestic and international business in the raio of 50:50 and going ahead, it would like grow its global portfolio and shrink the domestic business to achieve stability in the business. GIC Re is at present doing business in over 180 countries.
Currently, GIC is trying to acquire a syndicate in London’s Lloyd’s market to develop its international muscle. “We are looking for the right company with the right price in London. We are also examining to raise funds from international market in the form of catastrophic bond,’’ he said.
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