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GIC India chief awarded Freedom of the City of London

Press Trust of India  |  London 

The of the General Corporation (GIC) of India, the country's major, has been awarded the Freedom of the City of in recognition of her work to promote ties between and the UK.

Alice G. Vaidyan, in to attend the first India-UK Summit on Thursday, was nominated for the traditional honour by the Lord of London, Peter Estlin, and City of Corporation Policy Chair

The Freedom of the City of London dates back to the 13th century and has since developed into an honour bestowed upon individuals who make an impact in the financial hub of London, referred to as the City or the

The Freedom of the City of London is a very special and ancient tradition, said McGuinness.

Putting aside her astute business credentials and services to India's insurance industry, she is an excellent for India, and has done much to boost ties in business between our two countries. As India's domestic continues to mature and grow, I look forward to working with Mrs Vaidyan to further promote exchanges and ties between UK and Indian businesses, she said.

Vaidyan, who has been at the helm of India's only firm since January 2016, told the summit that she sees a number of synergies between the two insurance markets, especially in the field of Insurtech.

We are a very tech savvy nation and have been focused on learning from the best in the world. I am confident there will be a lot of change in the Indian in a very short span of time, she said.

The event, which delved into areas such as India's and density, was aimed as a precursor to the Global InsurTech Summit in later in the year.

According to official data, has 34 general insurers, 24 life insurers, branch offices of 10 global reinsurers and over 500 brokers, with 45 foreign reinsurers also based in the country.

Last year, the industry garnered around USD 100 billion in total premiums, with this expected to hit USD 280 billion by 2022.

is expected to be a world in Insurtech and we look enabling, rather than disrupting the industry, James Nash, of reinsurer Guy Carepenter's International Division, said.

The City of noted that companies in the UK manage 1.8 trillion pounds worth of investments, making it the third-largest in the world.

Investment in insurtech in 2018 was just shy of 1 billion pounds, making the UK "ideally placed" to work with India in this area.

With India embarking on the world's largest and health insurance schemes, the sector is set for a boom time.

Insurtech will help meet the country's insurance penetration challenge, added Manish Singh, (Economic) at the

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 11 2019. 21:20 IST