GIC Re to scale up its operation in SAARC region

After Prime Minister Narendra Modi's visit to Bhutan, GIC Re has decided to further expand its operations in the neighbouring country as well as in SAARC (South Asian Association for Regional Cooperation) region.
The Indian official reinsurer has already formed reinsurance joint venture -- GIC Bhutan Re-- to develop the insurance, reinsurance industry in the country.
"GIC Re has from the very beginning been instrumental in promoting regional support and cooperation in the insurance sector. In fact, there is potential for more cooperation amongst the SAARC countries for managing their catastrophic risks efficiently. We need to work together and India will play a pivotal role in our pursuit to manage risks better," GIC Re CMD, A K Roy told PTI over the phone.

He was speaking after attending the first anniversary celebration of the first reinsurance company of Bhutan on Friday at the capital city of Thimphu.
Bhutan and India share many things in common, historically, geographically as well as socially. We also face similar natural risks. The reinsurance JV is a symbol of India's commitment towards developing the financial and economic relationship amongst the neighbouring countries, Roy said.
"More investment by India would enhance its risk appetite to retain larger risks within the country, thereby conserving valuable foreign exchange. The GIC Bhutan Reinsurance JV is also accepting inward reinsurance from global market, thereby bringing much needed foreign exchange to Bhutan. Gradually as the company grows the retention capacity as well as flow of business from overseas will grow," he said.