Under Indian insurance regulations, domestic insurance companies have to cede 5 per cent of all their reinsurance business to GIC Re, as first choice.
Overcoming its initial concerns, national reinsurer GIC Re has contributed to the formation of an insurance pool to cover most imports from Russia.
While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too. This was decided by a clutch of Indian insurance companies, led by the state-owned ones. GIC Re’s share is about 40 per cent in the pool. Last month, GIC Re had shot off a letter to all non-life insurance companies that underwrite marine risks not to ask it for
First Published: Jun 20 2022 | 10:43 PM IST