India's GIC Re Eyes US$138.3 Mln In Gross Written Premiums

By S. Joan Santani KUALA LUMPUR, July 18 (Bernama) -- The Indian government-owned General Insurance Corp of India (GIC Re), a global reinsurer company, aims to garner US$138.37 million (RM550 million) in annual gross written premiums from the Malaysian market in financial year ending March 31, 2017. The Malaysian branch in the Federal Territory of Labuan recorded a gross premium income of US$121.75 million (RM484 million) during the last fiscal year. Chairman/Managing Director, Alice G. Vaidyan, said GIC Re's Malaysian branch has achieved a credible growth of 8.25 per cent during the period 2015-2016 compared to 2014-2015. "We are confident of achieving 10 per cent growth from the Malaysian market due to our affordable products and brand image of the company as well as the demand for business in this market is vast," she told Bernama. Reinsurance refers to an insurance company itself taking insurance, either directly or through other entities, for the risk in its own covers, to check own payouts. Alice said the company had a long-term expansion plan, including the subsidiary conversion plan in Moscow and establishing branches in Brazil and Myanmar this year and penetrating China and US markets in the next two years. "Brazil and Myanmar are a growing and potential markets for reinsurance business and we are sanguine the demand for this business in the region is vast," she said. GIC Re currently has branches in Dubai, London, Malaysia, Moscow and India. Alice, the first lady officer who assumed the post of Chairman of the national reinsurer, has many aces up her sleeve, among them to take GIC Re to within top 10 from ranking 14 internationally in the insurance business. Her other objective was to double the group's overall revenue from the present US$2.5 billion (US$1=RM3.97) within a mere three years. On the reinsurance segment in the country, Alice said, a tough competition was expected. However, the group was confident of capturing the profitable business through profound marketing and brand image. "My goal is also to place a greater emphasis on emerging economies and to tap the Asean insurance community," she said. -- BERNAMA